Post on 19-Feb-2023
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Inclusive Insurance Asia Public and Private Dialogue
and Microinsurance Learning Session
in Hanoi, Vietnam, on 15 and 16 March 2017
Report
GIZ RFPI Asia
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Deutsche Gesellschaft für Internationale Zusammenarbeit
Regulatory Framework Promotion of Pro-Poor Insurance Markets in Asia (RFPI Asia)
RFPI Asia Office, Insurance Commission
1071 UN Avenue, Ermita, Manila 1000, the Philippines
Phone: +63 :(0)2 353 1044 to 45
Fax: +63 (0)2 353 1043
Mobile: +63 (0)917 8126287
Email: antonis.malagardis@giz.de
Websites: www.giz.de; www.inclusiveinsuranceasia.com
Acronyms
RFPI Asia - Regulatory Framework for Pro-poor insurance markets in Asia
FRC – Financial Regulatory Committee
MFI – Microfinance institutions
MI – Microinsurance
MNOs – Mobile Network Operators
PPD – Public-Private Dialogue
RSC – Regional Steering Committee
SECP – Securities and Exchange Commission of Pakistan
SME – Small and medium-sized enterprises
TSP Technical service provider
RIA – Regulatory impact assessment
RFPI – Regulatory framework for pro-poor insurance markets
HMO – Health management organisation
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Table of Contents
Title Page
1. Background
2. Objectives of PPD and MILS
3. Participants
4. Programme
5. Proceedings
5.1. Welcome Remarks and Presentations on Overview of Inclusive Insurance in
Asia
5.2. Panel Session 1 - Regulation and Supervision
5.3. Panel Session 2 - Distribution and Technology
5.4. Panel Session 3 - Financial Literacy
5.5. MI Learning Sessions - Health
5.6. MI Learning Session – Disaster Risk Insurance
6. Wrap-up and Closing
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List of Tables and Figures
Tab 1 - Barriers in the Market of Mobile MI
Tab 2 – Aggregate Result
Tab 3 – Terms Defined in the Distribution Channel
Framework
Tab 4 – Contents in Regulation in Pilot Program
Tab 5 – Responses of the Regulators (Session 1)
Tab 6 – Private Sector Responses (Session 1)
Tab 7 – Responses by the Panelists (Session 1)
Tab 8 – Product Details (Kamyab Mustakbil Plan)
Tab 9 – Private Sector Responses (Session 2)
Tab 10 – Responses of the Regulator (Session 2)
Tab 11 – Responses of the Regulators (Session 3)
Tab 12 – Private Sector Responses (Session 4)
Tab 13 – Highlights per Year (CARD-Pioneer)
Fig 1 – The State of MI Regulations
Fig 2 - Level of MI Market Development in Asia by
Country
Fig 3 – Infographics on MI Market Development in
MEFIN Countries
Fig 4 – Way Forward (Pilot Program)
Fig 5 – PACE Analysis
Fig 6 – The Functionality of SIM cards with e-Money
Fig 7 – The Objectives of Three Parties (EFULife)
Fig 8 – The Insurance Process (EFULife)
Fig 9 – Claiming Process (EFULife)
Fig 10 – Stakeholders Involved in RSBI
Fig 11 – How the Health-Agriculture/ Livestock
Insurance Package Works
Fig 12 – MI Coverage
Fig 13 – S Curve on Relationship of Disposable Income
and Insurance Penetration
Fig 14 – CARD-Pioneer Premiums and Claims per Year
Annexes
Annex 1: Agenda
Annex 2: Participants
1. Background
Public-private dialogue (PPD) is a major platform to attain the rationale of the Mutual Exchange Forum on
Inclusive Insurance (MEFIN), a network of insurance regulatory authorities in Asia working for peer-to-peer
exchange of knowledge and experience with the insurance industry. Regulators and insurance industry leaders
in the MEFIN member countries (Indonesia, Mongolia, Nepal, Pakistan, the Philippines and Vietnam) gathered
to share, and take part in, dialogue about good practices and the way forward as regards regulation, supervision,
distribution as well as technology and financial literacy and awareness.
In 2017, MEFIN PPD2 was conducted in partnership with Munich Re Foundation and MI Network, deepening the
knowledge and insights on inclusive insurance through the Microinsurance Learning Sessions (MILS) where
international experts discussed Disaster Risk Insurance for SMEs as well as agriculture and MicroHealth. PPD1,
which discussed proportionality in regulations, was held in Manila in July 2016.
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Over and above an enriching discussion on Microinsurance (MI), the participants had an opportunity to
contribute to the APFF Workshop on Developing the MI Roadmap for Emerging Economies in Asia and the
Pacific. ABAC co-organised the event with GIZ RPFI Asia II, the secretariat to MEFIN.
2. Objectives of PPD2 and MILS
✓ To share lessons, challenges and good practices on MI market development in the MEFIN member countries, following the action plans discussed in PPD1
✓ To establish levels of motivation and commitment towards addressing the issues and challenges in inclusive insurance market development
✓ To agree on follow-up measures through the MEFIN work plan which will form the basis for the next PPD
✓ To acquire knowledge on good practices and trends in DRF for SMEs and agriculture and health insurance from international experts
3. Participants
High level officers from insurance regulatory authorities and CEOs of leading private insurance companies from
the six MEFIN member countries, financial inclusion experts and the co-organisers participated in the PPD2 and
MILS (please see Annex 2 for the complete list of attendees).
4. Programme
The Public-Private Dialogue was held on 15 March 2017 in Hanoi, Vietnam. In the morning session, speakers
from the organisers held presentations on the Overview of Inclusive Insurance in Asia. Three panel discussions
followed. The first panel session was on Regulation & Supervision, the second was about Distribution &
Technology, and the third dealt with Financial Literacy & Education. At the start of each panel session, keynote
speakers talked about their experiences related to the topics. This was followed by panel discussions involving
representatives from the private and public sectors of each MEFIN country.
The Microinsurance learning session was held on 16 March 2017, also in Hanoi, Vietnam. Parallel sessions on
Health and Disaster Risk Insurance for SMEs and Agriculture were held. Each session started with presentations
on specific experiences and business models pertaining to the topics, and were followed by panel discussions
with the speakers.
5. Proceedings
5.1 Welcome remarks and presentations on the overview of inclusive insurance in Asia
5.1.1. Welcome speech by Phung Ngoc Khanh, General Director, Insurance Supervisory Authority, Vietnam
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Mr.Phung Ngoc Khanh welcomed all attendees to the event in Hanoi, Vietnam. He expressed appreciation to
the German government and the GIZ for establishing the MEFIN network - which is an effective platform
providing learning opportunities to promote inclusive insurance solutions, particularly for low-income people
amongst policy makers and insurance industries in Asia. He also expressed great thanks to the Regional Steering
Committee (RSC) of MEFIN for providing assistance in preparing well the speakers and panelists.
In addition, he shared some information about the Vietnamese insurance market - which was officially
established in 1993. The Director General described the market over the last decade - with significant and
noticeable accomplishments in terms of insurance regulatory framework, investments and high income growth.
Although the insurance industry has contributed a lot to the social benefits of people through these
achievements, Director Phung sees plenty of potential for growth. At present, insurance products in Vietnam
are not diversified enough to fully meet the insurance demand of low-income people in particular, and to protect
them from unexpected losses and financial shocks. In response, Vietnam is now implementing a pilot
programme which has been approved by the Office of the Prime Minister. The programme attempts to include
committee financial resource centres, unions and MFIs as providers of MI. Vietnam currently has no regulation
on MI, and this is one of the constraints on inclusive insurance in the country. Under the direction of the Prime
Minister, the Ministry of Finance will submit a new decree which encourages MI for low-income people by the
end of 2017. The existing insurance law will be amended to include MI and will be submitted by the end of 2020.
The Director General believes that Vietnam will overcome the current problems once these important
documents are finalised.
He wished all attendees a successful meeting and memorable stay in Hanoi.
5.1.2. Welcome speech and presentation on Lessons from Proportionate Regulatory Framework Publication
(10 years of MI regulation) by Dr. Antonis Malagardis, Programme Director of GIZ-FRPI Asia II.
Dr. Antonis Malagardis thanked all the attendees, and invited countries and private sectors to join MEFIN. He
urged MEFIN to closely follow up every regulator, supervisor and company participating in the network’s events,
and to create a positive impact. He shared lessons from 10 years of experience in MI from a study conducted by
the A2ii together with the MiN, with key inputs from GIZ programmes in Asia, Africa and South America. Over
10 years, five countries have contributed mostly to regulatory lessons learnt – India, Ghana, the Philippines,
South Africa and Peru. Formulating regulation is an ongoing process and the need for regulation can emerge
from both the private sector and the regulators. 35 countries currently have regulations on MI. India was the
first to have a regulatory basis for MI and uses a qualitative approach. The Philippines followed and is the first
country to use a quantitative approach. There are currently over 600 inclusive insurance products worldwide.
The credit life insurance product makes up 60% of the market, followed by personal accident insurance. Life
and health insurance products are experiencing difficulties since dominating risk pooling is related to social
health insurance schemes. Dr. Malagardis believes that MI can complement specific benefits that a social
insurance scheme cannot provide.
Agriculture insurance has been picking up whilst addressing the needs of the huge rural population. It is the type
of insurance that is highly subsidised the world over, but there is room for the private sector to offer insurance
products to farmers who can save. Foragriculture insurance to play a significant role in the inclusive insurance
sector, Dr. Malagardis emphasised the importance of bundling
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Figure 1: The status of MI regulations
In der Grafik: Philippines > The Philippines
The use of Regulatory Impact Assessment (RIA) as a decision-making tool was also discussed by Dr. Malagardis.
He shared the results of the first RIA - which was conducted by GIZ RFPI Asia in the Philippines in 2014. Using 12
parameters, five of which are qualitative, the Philippines RIA examined selected potential impacts arising from
government actions. GIZ RFPI plans to undertake RIA in all MEFIN countries, as well as other countries such as
Peru. RIA can constitute part of industry reporting and can be carried out every two years depending on the
needs identified.
Financial education is an important element in the development and promotion of inclusive insurance.
Alongside this, Dr. Malagardis advised the regulators to clearly define their messages and seek support from
international organisations and the industry. MNOs are very important and regulators need to cooperate with
them. He also cautioned against informal insurance schemes because there is a lack of responsibility when
problems such as insolvency and claims disputes arise.
Sustaining MI needs close consideration of the value chain. Dr. Malagardis enumerated natural catastrophe
risks, sovereign risks and climate risks that need to be looked into when thinking of a sovereign insurance scheme
that trickles down benefits to beneficiaries. He believes that MI can help in allocating the pool of sovereign
insurance schemes and MEFIN Network can cooperate in this issue.
5.1.3. Welcome speech and presentation on Highlights of Landscape of Asia Study by Dirk Reinhard, Munich
Re foundation.
Mr. Dirk Reinhard welcomed all the attendees and introduced Munich Re Foundation as a non-profit
organisation founded in 2005 by Munich Re, the world's largest reinsurance company. The foundation tries to
improve the risk situation of the low-income market, and strongly believes that disaster prevention is crucial
and insurance is complementing disaster prevention. He emphasised GIZ’s role in the region and recommended
to the attendees to use the MEFIN network efficiently. He encouraged the attendees to take advantage of PPD
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in order to share their experiences, build learning and agree on concrete follow-up measures to the issues and
challenges when returning to their respective country environments.
He asked the attendees to do the following:
➢ First, please be patient. The German insurance market took 150 years to develop and reach today’s level. MI is not a low-hanging fruit.
➢ Secondly, regulators need to be open to new developments. Technology is developing rapidly and you need to consider how you can integrate this development into your regulation and market.
➢ Thirdly, we need to understand the market through data.
He also talked about the highlights of the first study on MI in Asia using data from 2012, carried out by Munich
Re, GIZ and MI network.
Life insurance is dominating worldwide, followed by accident insurance, because they are simple products.
Credit life insurance distributed mainly through MFIs is popular. Health and agriculture insurance is perceived
as the most important risks.
Figure 2: Level of MI market development in Asia by country
There is a mismatch
between demand and
products available - and
this is the case around the
world. India and China
are dominant markets
due to their large
populations. In terms of
coverage ratio, the
Philippines is leading the market. Based on development levels, India and the Philippines are categorised as
stabilised markets, and Indonesia, Nepal and Pakistan as growth leaders. Mongolia and Vietnam have the
potential to catch up.
"How profitable is MI?" is a popular question. Although MI is not an easy market due to high transaction costs,
there is still hope it is a profitable market.
In terms of providers, regulated insurance companies are dominating the market and mutual benefit
organisations are playing a significant role. Mobile Network Organisations (MNOs) were not yet on the market
when this study was conducted. Now they are playing an important role. The regulators need to understand
mobile insurance and integrate it into their regulations.
SMEs represent the core of the economy and a potential target market of MI. It is important to stabilise SMEs
when a disaster occurs because an economy will slow as a consequence. Data is important in understanding the
market, and MEFIN can create data on its member countries. The sustainability of informal insurance is doubtful
even though it is still present in the market. MI has great potential as it can play a complementary role in
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governmental health insurance schemes and multi-governmental disaster prevention schemes. Market
outreach is relatively low in Asia but is growing rapidly. Mr. Reinhard encouraged the attendees to find about
about schemes in other countries, and further develop and implement them in their countries.
5.1.4. Welcome speech and presentation on the results of MNOs by Christian Loots, CENFRI
Mr. Christian Loots welcomed the participants and thanked them for attending the event. He introduced MI
Network, a global multi-stakeholder network for inclusive insurance in emerging markets. The network has more
than 300 member practitioners and experts across 40 countries, and encourages international networks and
learning events.
Mr. Loots presented the results of the MNO study which includes available data from countries including
Pakistan, Bangladesh, India, Sri Lanka, Cambodia, Fiji, the Philippines, Indonesia and Papua New Guinea. The
study covered eight MNOs and two Technical Service Providers (TSPs). Overall mobile MI penetration is around
5 percent - which is still very low but has been growing fast.
Previously, insurers have been approaching MNOs to distribute insurance products in order to increase their
reach. Now, MNOs approach insurers to offer insurance as it provides them with certain complementary benefits
(such as retaining loyal customers). TSPs’ role in the insurance market is important and growing. MNOs and
TSPs are playing important roles in all aspects of the product life cycle - in terms of planning, marketing, product
design and customer relations. Insurers have a good understanding of high-income segments, whilst MNOs have
a better understanding of low-income segments. TSPs sit in the middle since they have a good understanding of
the insurance market and the low-income market.
There are still challenges remaining. Innovation is not on a broad basis and so most of the products have similar
features. Most products are life, credit life or personal accident. Some health products have started to be
developed however.
Table 1: Barriers in the market of mobile MI
Demand side barriers:
➢ Cost, trust, access to,
understanding
Overcoming actions:
Cost: Product free at first; transfer to paid-for
insurance after demonstration
Trust: Leverage known and trusted MNO brand
Access: MNO provides accessibility
Understanding: Simple policies, eliminate confusing Ts & Cs
Supply side barriers:
➢ Lack of knowledge about insurance ➢ Inadequate information management ➢ Long maturation and high initial investment ➢ Lack of quality servicing: Difficulties with policy issuance, claims tracking, commissioning payouts
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Lastly, regulatory issues are discussed in the study. The study found that most regulators are willing to consider
allowances to providers to implement innovative MI products.
5.1.5. Synthesis of the MEFIN Inclusive Insurance Self-assessment (SA) by Dante Portula, Senior Advisor, GIZ
RFPI Asia.
Mr. Dante Portula presented the highlights of the Self-Assessment and Peer Review (SAPR) on inclusive
insurance, conducted independently by GIZ RFPI Asia on behalf of the MEFIN Network. SAPR is an instrument
developed by the International Association of Insurance Supervisors (IAIS) to assess the level of compliance by
insurance jurisdictions to the Insurance Core Principles (ICPs). It is meant to assess whether regulation and
supervision of an insurance jurisdiction is or is not supportive of inclusive insurance. Within the MEFIN
framework, GIZ has conducted this self-assessment across member countries including Indonesia, Mongolia,
Nepal, Pakistan and the Philippines. Vietnam did not participate because it does not yet have MI regulation. An
assessment was conducted as indicated in the MEFIN work plan.
SAPR is a systematic approach and has been used by IAIS for many years. The SA questionnaire is made up of 52
questions across seven sections. Each jurisdiction who participated in the SAPR formed a small team to complete
the questionnaire.
The responses were tabulated and analysed using the scoring methodology of the IAIS, with a scale from 1 to 4.
A rating of 1 means the jurisdiction has a SUPPORTIVE regulation to inclusive insurance, 2 means LARGELY
SUPPORTIVE, 3 PARTLY SUPPORTIVE and a score of 4 means NOT SUPPORTIVE. A confidential individual
jurisdiction report was prepared where the SA team has commented and validated. An aggregate report was
then prepared which summarised the commonality of findings and interpretation across the five MEFIN
members participating in the SAPR.
The aggregate result of the assessment was presented by Mr. Portula. Except in Products and Processes, the
MEFIN members received an average rating of ‘largely supportive’ in the seven parameters.
The inclusive insurance market is rated
largely supportive. There is a general
issue about informal insurance schemes
across the MEFIN members. This could
mean that formal insurers are not able to
provide their needs, so MFIs and
cooperatives choose to sort out informal
insurance themselves. This could also be
an indication of the unavailability of
products that meet the needs of the
target population. Informal insurance should be a concern of the regulators because it is a potential consumer
protection issue and a threat to the financial stability of MFIs. The jurisdictions do not have transition plans that
provide incentives to formalise the informal insurance activities.
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Legislation is largely supportive: Some jurisdictions have no special regulatory treatment available for insurers
that serve the inclusive insurance market. They are using conventional insurance regulations wherein entities
serving the inclusive insurance market have difficulty in complying with this traditional standard. The supervisor
does not make use of any cooperation with other authorities as a means of including one or more types of entity
as insurers, including expanding the distribution channels (such as MFIs, MNOs and other institutions).
Supervision is largely supportive: The supervisor does not take a proactive approach to monitoring products
offered to customers in the inclusive insurance market. It does not carry out regular reviews of the inclusive
insurance market. Although most jurisdictions have regulations on the definition of inclusive insurance, there is
no system in place to regularly gather market data such as outreach, volume of business and claims experience.
The supervisory authority does not have the power to carry out a limited form of licensing - such as registering
or issuing conditional or restricted licenses.
Inclusive Insurance Products and Processes is partly supportive: Most jurisdictions have no regulation that
allows insurers only offering products aimed at the inclusive insurance market, and insurers dealing both
exclusively on the inclusive insurance marketplace and serving its members only like the mutuals and
cooperatives, to have a lower minimum capital requirement. Many jurisdictions do not allow product bundling.
Embedding can be a solution however, meaning life and general insurance companies may cooperate together
to align their operating procedures on client enrolment and claims processing to the same client group, whilst
maintaining a separate liability of claims payment.
Regulation on Intermediaries is largely supportive: There is limited flexibility that applies for intermediaries and
their functions. Procedures for the licensing of conventional agents are not appropriate and difficult when also
applied to MI agents. In many cases, intermediaries in MI perform almost all the functions of an insurer, i.e.
client enrolment, training, claims processing and policy renewal. The role of the insurer is only to carry the risk
(underwriting). Putting a cap on commissions, as practised by some jurisdictions, therefore becomes a
disincentive.
Proportionality and its Application to Inclusive Insurance Market is largely supportive: There is no regulation
that considers the nature, scale and complexity of insurers and intermediaries outside of the insurance line.
There is a lack of proportionate regulations for valuing insurance liabilities and risk management standards.
Another issue is the lack of systems to collect and monitor market data. We need to acquire data from related
ministries, and this is a challenge of inter-agency coordination.
The presence of the national agenda in Supporting inclusive insurance received a rating of ‘largely supportive.
However, there is no availability of adequate relevant data to assess risks and realistically price products. In
some jurisdictions, there are no sufficiently skilled and competent insurance professionals (such as actuaries,
accountants and auditors).
The following infographic, prepared by GIZ RFPI, provides a snapshot of where the MEFIN countries stand today
in their respective MI market development.
Figure 3: Infographic on MI market development in MEFIN countries
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In der Grafik: Philippines > The Philippines
In terms of regulations, Indonesia and the Philippines have formulated broad MI regulatory frameworks and
national strategies, and consequently issued more detailed guidelines. Pakistan, Nepal and Mongolia have issued
MI regulations and directives which generally define MI and distribution mechanisms. Vietnam is the only
jurisdiction implementing pilot MI regulations, and in parallel has been preparing a draft MI decree. 2013 saw
the Philippines institutionalise a section on MI in the amended Insurance Code. Pakistan is currently in the
process of revising its Insurance Act with a proposal to include a dedicated MI section in the act. Appropriate MI
regulations can provide a clear signal to the industry to participate in the market. It can be seen from the size of
the bubble in the infographic that there is significant and increasing market participation in the Philippines and
Indonesia. Pakistan is catching up. Nepal is unique because all insurers are required to participate in the MI
market with a 5% minimum volume quota.
The darker yellow and green colours in the infographic under business models indicate that the products and
type of distribution channels are already mature. Credit-life is very common in all jurisdictions. Broader
participation of banks/MFIs as distribution channels is however more evident in the Philippines, Indonesia and
Pakistan. Voluntary MI products, normally distributed through the MFIs as well, already exist in the Philippines,
Indonesia and Pakistan. Advanced products such as health and NatCat are available in the Philippines. Use of
technology by the MNOs can already be seen in Indonesia, Pakistan and the Philippines.
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The fourth category in the infographic shows the level of MI outreach. Big and growing outreach can be seen in
the Philippines (28Mn), Indonesia (22Mn) and Pakistan (9Mn). Other MEFIN countries still have fewer than one
million.
The infographic indicates that proportionate MI regulation is the key driver behind market development. The
result of the SAPR indicates there are certain issues that need to be addressed. As a way forward, MEFIN will
conduct the RIA in Mongolia, Nepal, Indonesia and Vietnam. RIA has already been conducted in the Philippines
and Pakistan, but MEFIN will conduct a post-RIA assessment in order to support further regulatory measures in
the two countries. The conduct of RIAs is in the work plan of the MEFIN TWG on Regulation and Supervision.
Like SAPR, RIA is a regulatory instrument being used by MEFIN to gain a deeper understanding of the effects of
regulatory measures and to agree on subsequent steps to further improve the MI market.
5.2 Panel session 1: Regulation and Supervision
Keynote Speakers:
5.2.1. Regulations on MI Distribution Channels and Consumer Protection by Mr. Ferdinand George Florendo,
Deputy Commissioner, Insurance Commission (IC) the Philippines
Mr. Ferdinand George Florendo talked about MI
Distribution Channels and Consumer Protection (DCCP)
regulation in the Philippines. Distribution channels are
crucial and essentially include everything except product
design. Regulators therefore need to open up guidelines
regarding various distribution channels for the market to
use.
Rationale behind adapting the MI distribution channels regulatory framework:
➢ Absence of clear policies on conduct of MI agents, brokers and distribution channels ➢ Terms such as MI agents and brokers are undefined ➢ Lack of efficient and innovative distribution channels ➢ MicroAgri products and Micro Pre-need products framework issued in 2015 ➢ Need for clarity on the types of distribution channels that may be used and harnessed
Table 3: Terms defined in the distribution channel framework
Distribution
chain
Sequence of people and entities through which the products, transactions and services flow.
Distribution
channel
A person (natural or juridical) such as retail outlet, service outlet, electronic platform or
other similar channel that may be allowed by the Insurance Commission.
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Channel
contractor
A duly licensed MI general agent or broker, a cooperative insurance society or Mutual
Benefit Association, a general agent or broker offering MicroHealth or MicroPre-Need
products.
Designated
seller
A licensed person designated by a channel contractor to be in charge of selling in a
registered distribution channel.
MI is unique because claims are small and need Alternative Dispute Resolution (ADR). The objective of the ADR
framework is to provide avenues to settle disputes through the swiftest and most accessible means. The ADR
method reduces the cost, time and complexity of any subsequent litigation.
Rationale behind adopting the Alternative Dispute Resolution framework:
➢ MI claims are in small amounts ➢ Holders of MI reside in far flung areas ➢ Access to the Insurance Commission, by phone, fax, computer or physical visits, may be too costly
and/or difficult
5.2.2. Pilot Approach in MI Regulations by Ms. Nguyen Thi Hoai Thu, Insurance Supervisory Authority (ISA)
Vietnam
Ms. Nguyen Thi Hoai Thu talked about the Vietnamese pilot programme in MI regulation.
Rationale and scope of the regulations in the pilot programme:
The MI providers in Vietnam are currently insurers such as Daiichi, Prudential and Manulife, and other providers
such as the Vietnam Women’s Union (VWU) and the Vietnam Microfinance Working Group (CFRC). In terms of
regulation, there is a law on traditional insurance business, the application guidelines and the pilot MI regulation
approved by the prime minister. Other than the pilot, there is no specific MI regulation in Vietnam. The contents
of regulations in pilot programmes are reflected in Table 4 below:
Table 4: Contents of regulations in pilot programme
General regulations Detail regulations
Principle of providing MI: For
the poor and the social security
target; not for the profit,
balancing income and expense.
MI products: Types of products are term life, health, credit life, and
micropension insurance. The products should be registered with the
Ministry of Finance, and in the event they are changed or new products
are introduced, the provider should employ the services of a certified
actuary.
Insured: Members of social
fund, members of MFIs.
Reserving: There are unearned premium reserves, mathematical reserves
or claim reserves. 50% of the reserves should be deposited in commercial
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banks. The rest should be invested safely and not affect the provider’s
liability.
Provider: CFRC belongs to the
Vietnam Association for
Promoting Education, Women’s
Union. These entities partner
with some insurance
companies.
Risk management: The provider should ensure it manages and controls
policy holder information, assesses and forecasts the risk that may affect
its operation, as well as manage and control tightly the premium collection
and claim payment process.
Financing and accounting management: Keep separate ledgers amongst
MI activities and MI products. Some criteria for expense splitting and
allocation amongst MI products.
Publishing: Provide regular report to Ministry of Finance.
Disadvantages and challenges:
➢ The pilot programme regulation is temporary. No specific legal framework for MI ➢ No national budget for developing MI ➢ The strategy for developing MI is not clear or detailed, and depends on the strategy of developing
insurance ➢ Lack of expertise in insurance (especially actuary activities), establishing of IT systems ➢ Awareness of insurance is still limited.
Figure 4: Way forward
5.2.3. Panel discussion:
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Moderator: Dr. Antonis Malagardis, Programme Director, RFPI Asia II
Regulator panelists: Industry panelists:
▪ Mr. Ferdinand George Florendo, IC
▪ Ms. Nguyen Thi Hoai Thu, ISA
▪ Mr. Tariq Bakhtawar, Director,
Securities and Exchange Commission
of Pakistan (SECP)
▪ Mr. Chiranjibi Chapagain, Chairman,
Beema Samiti, BS (Insurance Board)
▪ Mr. Geric Laude, President & CEO, Pioneer-CARD
MI
▪ Mr Nguyen Chien Thang, , Deputy Director –
Personal Insurance Div, Bao Viet Insurance,
Vietnam
▪ Mr. Muhammad Ali Ahmed, Executive Director,
EFULife Insurance
▪ Mr. Dip Prakash Panday, CEO, Shikhar Insurance
Company
The moderator asked about regulations on MI, lessons learned and a way forward from each country.
Table 5: Responses from the regulators
Country Main points from the responses
Pakistan MI regulation was implemented in 2014. Definition of Micro Insurance (‘MI’), bundling of life and non-life products, and solvency regime for MI have been incorporated in the draft Insurance Bill.
Nepal The MI Directive was formulated under the Insurance Act in 2014. MI is tagged with the Agricultural Insurance network - which enabled MI to be implemented across the country. Challenges:
➢ Lack of attraction from insurers due to low premium and high operation cost ➢ Targeted clients' indifference towards insurance and their inability to afford
premiums ➢ Topographical difficulties for speedy implementation ➢ Informal insurance activities ➢ Legal hindrances – on agency/survey/online selling matters
The Philippines
The national strategy for MI was defined in 1997. The country currently has DCCP - which is an advanced instrument to further increase insurance access and penetration. Advice for regulators:
➢ Encourage private practitioners to engage with regulators ➢ Be consistent ➢ Integrate new developments into regulations
Vietnam The pilot programme is being implemented. A new decree on MI will be submitted by the end of 2017 and insurance law will be amended in 2020. The regulator is launching an IT system upgrade that facilitates all administrative procedures with insurers by means of internet technology. The draft MI regulation stipulates conditions to supply MI and procedures for informal providers transferring their operations to insurers or other registered providers.
The moderator asked private sector representatives about their MI portfolio, challenges faced and lessons learned regarding MI. Their responses:
Table 6: Private sector responses
Country Main points from the responses
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BaoViet Insurance, Vietnam
Recent years have seen some BVGI projects to cover farmers and those on low income. The results are limited. Challenges:
➢ Lack of awareness and demand for insurance ➢ Low level of affordability ➢ No network between farmers, MFIs and insurers to develop MI ➢ No legal framework for MI ➢ Lack of effective methods to approach and provide MI for those on low income.
Necessary support from the regulator:
➢ The legal framework and regulations must be established by authorities ➢ Encourage participation of social organisations, MFIs, insurance companies and the
private sector ➢ Close cooperation between government, insurance companies and other
stakeholders in developing appropriate regulations
EFULife, Pakistan
The company has been offering three MI products. Driving factors for its success:
➢ Keep the proposition simple ➢ Focus first on the number of lives enrolled; premiums and sum assured are
secondary elements ➢ Partner with a distributor/intermediary ➢ Understand the target market ➢ View technology as an enabler ➢ Invest in awareness creation for “need of insurance” ➢ Invest in awareness creation for “claims” ➢ “Living benefits” proposition works better than that of “life”
Necessary support from the regulator:
➢ Regulations that support a paperless, technology driven mechanism for customer acquisition as well as servicing
➢ Development of a nationwide intermediary platform which can be accessible to all insurers and give them penetration into the target markets though a structured platform.
Nepal Shikhar
The company has been offering two MI products. It has issued 200 policies (as of Q3 of FY 2016-17). Most of the policies are Micro Personal Accident Insurance policies. The company will collaborate with cooperatives and organise more MI agent training for MFIs and cooperatives. Constraints faced:
➢ Micro Health insurance is being offered by the government and it must be expanded ➢ Lack of awareness in target area and difficulties in accessing target market ➢ Lack of distribution channels ➢ Lack of after-sale service and claims management ➢ Low purchasing capacity of target group ➢ High operation cost ➢ Subsidy in premium, waiver of stamp duty and VAT
Way forward:
➢ Increase in country reach by insurance companies and government offices ➢ Awareness program and training of agents ➢ Government support in infrastructure development ➢ Strengthening of distribution channels ➢ Regulation for bancassurance
Pioneer-CARD, the Philippines
The company has merged with Mutual –MFI and been offering MI products. Factors driving
the dynamic development of the MI market:
➢ Good demand from the market
✓ The market believes there is a need for MI
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✓ The market is willing to buy ✓ The market understands what “value” means
➢ Insurance providers that are ready and know what to do:
✓ Deliver the value expected by the market ✓ Have the right mindset for MI ✓ Be willing to change the rules of traditional insurance
➢ A supportive regulation
✓ Regulations that encourage innovation, not restriction ✓ Is able to adapt to the fast changing landscape of MI ✓ Is able to collaborate and align with regulators in other industries
➢ Customer centricity – it must be noted that when the MI market matures, clients start
demanding better value. There is therefore a need for constant client-centric
innovation.
The moderator asked some question for all panelists: What will your actions be after leaving this conference?
Table 7: Responses from the panelists
Mr.Tariq Bakhtawar, Pakistan I will start working on work plans of MEFIN.
Mr.Chiranjibi Chapagain, Nepal We will advertise MI and cooperate with MFIs.
Mr.Ferdinand George Florendo, the
Philippines
We will continue to expand virtual exchange forums. Poverty and
natural catastrophes are important issues that MEFIN needs to
address. We will continue to support MEFIN.
Ms. Nguyen Thi Hoai Thu, Vietnam We will study the MEFIN documents and learn from them.
Mr. Geric Laude, the Philippines Demand is important so we will focus more on customers.
Mr. Dip Prakash Panday, Nepal We will concentrate our work on consumer protection and
distribution channels.
Mr. Muhammad Ali Ahmed, Pakistan I will validate the strategy for my company and try to incorporate
long-term development.
Mr. Nguyen Chien Thang, Vietnam We will work on providing MI for those on low incomes. We also
need a regulation for MNOs.
Conclusion of panel session for Regulation & Supervision: Three countries in the panel have MI regulation -
Vietnam is implementing a pilot programme. Regulation is important for MI development, especially in regard
to distribution channels. The main challenges mentioned by the panelists are a lack of distribution channels, low
level of affordability by the target market and a lack of awareness amongst the target group. Private sector
representatives emphasised the need for support from regulators. Countries that have advanced markets would
like to see regulators encourage the involvement of the private sector in formulating regulations.
5.3 Panel session 2: Distribution and Technology
Keynote speakers:
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5.3.1. Partnership with Indosat MNO by Mr. Yoga Prasetyo, Head of Credit Life and Emerging Consumers,
Allianz Life Indonesia
Mr. Yoga Prasetyo talked about his company’s partnership with Indosat
MNO. In 2008, the company focused on developing MI with MFIs. It first
evaluated historic products such as credit life using a Product, Access, Cost
and Experience (PACE) analysis, a client value assessment tool developed by
ILO. The following figure shows the stages of the analysis.
Figure 5: PACE analysis
Figure 6: SIM card functionality with e-money
Lessons learned:
➢ Insurance, particularly voluntary products, do not sell themselves. They still need humans to explain and
sell them, and to help customers reach a decision.
➢ Insurance awareness and product availability have to go hand-in-hand. ➢ Affordability and persistency of MI could be increased by
providing many payment mode alternatives.
➢ Reaching the scale is still a challenge.
Way forward:
➢ Develop more products
2006 - Micro Credit Life
Only for borrowers, 17-60 years, compulsory
participation, piggyback on loan process, single premium
payment, low insurance awareness.
2014 - Sipeci
A standard MI product developed under the OJK
pilot project, term life with additional PA, scratch card activation, single premium payment, non renewable.
2016 - Sekoci
An enhanced version of Sipeci in form of SIM card,
partnered with Indosat as e-money provider,using IVR
technology to increase knowledge and awareness
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➢ Achieve business scale ➢ Acquire more distribution partners ➢ Develop MI-commerce mobile app
5.3.2. Partnership with Telenor MNO by Mr. Muhammad Ali Ahmed, Executive Director, EFULife Insurance
Mr. Ali presented the company’s partnership with Telenor MNO. EFULife decided to cooperate with Telenor
because the latter owns a bank able to develop opportunities. This partnership also creates a social impact, and
technology is a significant enabler for insurance companies. Technology creates a difference by lowering the
cost and enables an insurance company to reach a large untapped low income market.
Figure 7: The objectives of three parties
Table 8: Product details
Product details Kamyab Mustakbil Plan
Term 1 year
Annual contribution USD 5 for USD 1,000 insurance cover; can go up to USD 50
Benefit amount
▪ Minimum death benefit amount (1 unit): USD 1,000; can go up to USD
10,000
▪ On death of the covered member, the beneficiary has the option of taking
the lump sum amount, OR 12 equal monthly instalments, in which case
EFU Life will pay one extra monthly instalment to the beneficiary.
Key exclusion Only one exclusion:
▪ Suicide and self-inflicted injury
Waiting period ▪ For policies sold through telesales: None
▪ For policies sold through retailers: 30 days
Free look period 30 days from date of enrolment
After the product launch, 36,174 units were sold in 4 months and 22,000 lives insured.
Figure 8: The insurance process
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Figure 9: Claiming process
Lessons learned:
➢ There is a great sense of urgency in Telcos ➢ Buying insurance should be as easy as buying a mobile package ➢ Higher management believes in the product on both sides ➢ Insurance does not sell itself ➢ Start with a radically simple product ➢ Use of technology & process simplicity
5.3.3. Panel discussion:
Moderator: Mr. Christiaan Loots, CENFRI (on behalf of MiN)
Regulator panelists: Industry panelists:
▪ Mr. Bhoj Raj Sharma, Insurance Expert,
Beema Samiti
▪ Mr. Yoga Prasetyo, Head of Credit Life and
Emerging Consumers, Allianz Life Indonesia
▪ Mr. Mochamad Muchlasin, Director, Financial
Services Authority (OJK)
▪ Mr. Muhammad Ali Ahmed, Executive Director,
EFULife Insurance
Beneficiary/Customer intimates the claim to EFUL through
•Helpline --021-111-EFU-111 (111-338-111)
•Postal Mail
Beneficiary/ Customer send the required documents to EFUL via
•Postal Mail
•Courier
•Google Docs, etc.
Claim is examined
within 48 Hours
Claim amount is disbursed into
customer/beneficiary’s account , or is paid via
cheque.
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▪ Mr. Tariq Bakhtawar, Director, Securities and
Exchange Commission of Pakistan (SECP)
▪ Mr. Purevjav Erdenebaatar, CEO, Monre
Insurance Company
▪ Mr. Ulziibat Molomjamts, Director of
Insurance Market Department, Financial
Regulatory Commission (FRC)
▪ Ms. Tran Thị Ngọc Ha, Head of International
Relations Department, TYM Vietnam
▪ Mr. Vivek Jha, CEO, NepalLife Insurance
The moderator asked the panelists about the role of technology, regulations regarding technology, constraints
to integrating technology, and ways forwards in regard to implementing technology in the insurance sector.
Table 9: Private sector responses
Panelists Main points from the responses
Indonesia Allianz Life
The company cooperates with MFIs. In partnership with an MNO, it designed and launched onto the market a product named “SEKOCI”. With this product, client value has improved as follows:
➢ Product: Voluntary participation increases awareness about insurance needs whilst the usage of e-money is a value-add to customers having small business opportunities (such as selling electricity tokens, selling airtime and other daily transactions).
➢ Access: With MFI employees receiving commission for every renewal made, they are incentivised to serve clients better, not only at the time of purchase but also continually thereafter.
➢ Experience: So far, the usage of IVR technology has been a good surprise to clients. It gives a unique experience to them.
➢ In terms of cost: The additional workload invested in the product has slightly increased the cost, but once the scale is reached, cost will reduce significantly.
Tips for cooperating with MNOs:
➢ The main reason behind involving MNOs in the business model is the e-money they have at their disposal. The ultimate aspiration is for regulation to allow payment of premium through airtime deduction.
➢ MNOs are also providing their own markets. This provides an opportunity to reciprocally explore each market.
➢ Partnering with an MNO will work best if your products do not need major developments from their end. Otherwise you have to queue for a long time as normally the insurance business is not their top priority.
Pakistan EFULife
EFULife has an MI product called Telenor Kamyab Mustaqbil life plan which targets the branchless banking customers of "Easypaisa". The whole proposition is paperless. The company keeps technology as an enabler to help in customer acquisition as well as customer service, rather than technology dominating the proposition. The combination of call centre outbound calls with mobile phones is used to complete the acquisition process. Some tips:
➢ Proper customer segmentation (mobile usage, account balance, age, etc.) ➢ Use outbound calls only (not inbound) ➢ Integration of insurance proposition in mobile apps ➢ Usage of USSD code for consent, payments ➢ Leverage of call Centre depth ➢ Deliver T&C (abridged version) through apps ➢ Do not sell on inbound calls ➢ Keep technology usage simple – such as using one single USSD code, or not offering
too many options to select from in the mobile app ➢ Avoid using mobile minutes/data as incentive for insurance – at least to start with
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Nepal Life Nepal Life is selling micro-like products, though not specifically approved as MI. The company
has tried to start its sales with the channels available and has been successful selling a few
policies. The regulator can support with the following:
a) Informal insurance that is being promoted in rural areas by MFIs and cooperatives should be discouraged - it must be brought into the formal channel of insurance.
b) The overlapping of insured amounts for MI and other products should be differentiated so that the premium rate margin is different. This will help companies to differentiate the target groups for MI and other products.
Mongolia Monre insurance
Monre Insurance has an MI product named “Easy” which is property insurance covering gers
(traditional nomadic houses), fences and houses in ger areas. This product is simple and offered
at an affordable price. The Mongolian insurance market is still poorly developed, and so price
is an important factor affecting sales. The main challenge is that people do not use or
understand insurance. The regulator needs to reduce uncertainty of market and formulate
regulations which support innovation in the insurance sector.
Vietnam Women’s Union
The Vietnam Women’s Union has an MFI named TYM that delivers MI products to its
customers. 129,000 members have sourced insurance directly from TYM. 75,668 additional
TYM members have sourced MI loan protection products from the union. Advice for the
regulator:
➢ There should be a legal framework for these organisations, taking into consideration the specific features of MI (at present there is only a legal framework for insurance, not for MI in particular)
➢ There should be more technical assistance from the MoF for these players
Advice for the additional players:
➢ Should partner with MFIs/organisations ➢ Should have more MI products for clients, such as disaster risk insurance and credit
life ➢ Should have good MIS ➢ Focus on risk management literacy ➢ Products designed in response to conditions and demands of clients (for example,
they are very vulnerable, payment should be paid as soon as possible in their living area; reduce the expense on paperwork; low premium)
Table 10: Responses from the regulators
Panelists Main points from the responses
FRC, Mongolia
Mongolia has Resolution #407 that defines the terms of inclusive insurance. “Inclusive insurance” is defined as voluntary insurance having few exclusions, simple wording and claims process, and affordable premiums that can reach every citizen in the country. There are only two insurance products which were registered as inclusive insurance products in Mongolia. Insurers are reluctant to register their products as inclusive insurance products for the following reasons:
➢ Selling inclusive insurance products entails more requirements compared to other insurance products.
➢ It is less profitable than other products ➢ Insufficient leverage for inclusive insurance products
In line with Resolution No.48, 2016 of FRC, a necessary regulation related to the online selling
of insurance products was introduced. Provisions including prevention of fraud and
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transparency of information have been included in regard to this new policy. As soon as
insurers register their products with the FRC, they can sell them online.
Beema Samiti (BS), Nepal
Nepal has a regulation called “MI Directive 2071”. It relates to MI and the Agriculture
Insurance Directives & Agriculture Insurance Subsidy Directive - aimed mainly at serving the
rural population. Apart from the products mentioned in the directives, insurers are being
given freedom to devise suitable and marketable products designed for targeted groups
within the framework of the directive, and obtain sanctions from BS. Issues when it comes to
encouraging technology in the insurance sector:
➢ When technology is applied in the insurance sector, there are some legal obstacles ➢ Although e-signatures have recently been recognised, the requirement to affix
stamps on policy documents is a problem when it comes to delivering policies online ➢ BS has recently authorised the mobile selling of hospital cash benefit schemes where
the insurer can issue one single policy to a service provider with some deposit money to be adjusted on a periodic basis.
A way forward:
➢ The partner-agent model between insurers and MFIs has been approved. MFIs were practising informal insurance themselves but now they will cease taking the risk and work as a distribution channel.
➢ Likewise, BS intends to persuade other informal insurance practising groups to work on a partner-agent model, thereby bringing all informal activities to the main insurance stream.
➢ BS has asked the Nepal Insurance Association (NIA) to create a pool with each company concentrating on its assigned area and sharing in premium and claims payment through the pool. It was started in the Non-Life sector. This strategy aims to help insurers go deep inside their respective areas.
SECP, Pakistan
Pakistan is currently drafting its Corporate Agents Regulations, which cover Telco’s and MI.
SECP follows pre-legislative scrutiny, whereby draft legislation is offered to be considered by a
committee, group or any individual before a draft law is formally submitted to the law-making
authority. Pre-legislative scrutiny provides an opportunity for more debates and analysis of the
draft legislation.
OJK, Indonesia
In 2013, OJK issued and adopted the Grand Design for MI. The Grand Design is a combination
of regulatory framework and national strategy to promote MI market development. On 14 n
February 2017, OJK released the new regulation on Fintech. The Grand Design Development
provides some guidance on possibilities that insurers can tap into in the MI realm. Early
adopters of MI, such as Allianz, are embracing the technology-based distribution of products
through SEKOCI. ACA also has been embracing new technology through the weather index and
other sophisticated parametric MI. The new FinTech regulation launched early this year
provides some guidance and lays the foundation for the “rules of the game” for any future
innovation in the market. FinTech is perceived as the virtual bridge rendering possible the
distribution of products and services. Three challenges to be faced by the regulator in
implementing the FinTech regulatory framework:
➢ The nature of vast and rapid changes in technology that FinTech stands on as its platform. This constant change is diametrically different from the stable and highly regulated nature of the regime of existing financial institutions. It also poses the question of the regulator’s human resource readiness to embrace new environments in months, not years.
➢ Establishing adequate supervisory tools that are suitable for a FinTech environment. A new paradigm needs to be embraced when the supervisor enters the FinTech
26
industry. Again, a question of good concept and adequate human resources to maintain financial stability needs to be answered.
➢ The technology penetration rate and its path through society are important considerations if FinTech is to be made a platform for inclusive insurance. This means that FinTech should direct its focus more on the segments of society currently excluded from financial services - the low income population. FinTech that is serving mainly the middle-income Gen Z will not be seen as truly inclusive FinTech.
Conclusion of panel session 2 on Distribution & Technology: There are different development levels in the
MEFIN countries in terms of embedding technology in the insurance sector. Effective distribution channels is the
main challenge for the industry, and technology can reduce costs and risks. The role of MNOs in the insurance
industry is becoming important and it is worth considering formulating regulations that foster technological
involvement in the sector mentioned.
5.4 Panel session 3: Financial literacy and Education
Keynote speakers:
5.4.1. Success Factors of National MI Literacy measures by Mr. Mochamad Muchlasin, Director, Financial
Services Authority (OJK), Indonesia
Mr. Mochamad Muchlasin presented the sharing of experiences of Indonesia in its MI and National MI Literacy
Programme as follows:
MI development milestones:
➢ 2011: Introduction of the MI marketplace in Indonesia (MIMPI)
➢ 2013: Regulatory framework (Grand Design: Development of MI Indonesia)
➢ 2014: Product Design and Launching - Pasar Asuransi Mikro Indonesia (Pasmina)
➢ 2015, Awareness Campaign - Roadshow in 18 cities in 16 Provinces
➢ 2016, Distribution Channel - Pilot Project on 4 Business Models
Indonesia MI Literacy Program:
➢ The MI Literacy Programme is part of the “2013 Grand Grand Design: Development of MI Indonesia”. It comprises capacity building and public awareness sections
➢ The Literacy Programme is considered “high-level” and does not provide much information on technicalities
➢ OJK and MI Task Force will amend the public awareness section of the Grand Design to incorporate results from roadshows, pilot projects and other initiatives
2015 MI Roadshow:
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➢ OJK and insurers conducted a series of MI public awareness campaigns in 18 cities in 16 provinces ➢ Three models of public awareness programme are tested:
✓ Direct: OJK and insurer conduct face-to-face, 1-day seminar type, with all material presented and discussed in detail
✓ Indirect: Disseminate the MI booklet and comics to communities or groups; read and discuss the content
✓ Drop-off: Provide MI booklet and comics to distribution channel outlets and provide contact information for follow-up
Target audiences for public awareness campaigns were rural banks, religious groups, farmers, cooperatives,
artisans (social groups), housewives, post offices (drop-off only), street vendors, banks and pawn shops (drop-
off only).
Findings and way forward:
➢ Direct, face-to-face interaction model, boosted the MI literacy from just 18% (pre-test) to 76% (post-test) compared to indirect and drop-off methods
➢ Claim process is the hardest topic to cover and understand (most of audience complain about “loosing money” whenever there is no claim)
➢ Comics are the best media (agreed by 82% of audiences)
➢ Television is the best media platform (34.2%)
➢ For some people, literacy (the ability to read) and “local language” pose barriers for an effective literacy programme
➢ Coordination with local leaders and authorities, and availability of insurer branches in the area, are some important factors in designing and implementing an MI Literacy Programme
5.4.2. Panel discussion:
Moderator: Mr. Jimmy Loro, Senior Advisor, GIZ RFPI Asia
Regulator panelists: Private sector panelists:
▪ Mr.Ulziibat Molomjamts, Director of
Insurance Department, Financial Regulatory
Commission (FRC)
▪ Mr. Jakub Nugraha, Head MI Department, PT
Asuransi Central Asia (ACA)
▪ Ms. Wilma Conde, Senior Insurance Specialist,
MI Division, Insurance Commission (IC)
▪ Ms. Myagmarkhand Bat-Erdene, Manager,
Ulaanbaatar City Insurance (UBCI)
▪ Mr. Tran Duc Trung, Deputy Head of Market
Development Division, Insurance
Supervisory Authority (ISA)
▪ Mr. Roy Miclat, President, Cooperative
Insurance System of the Philippines (CISP)
▪ Mr. Mochamad Muchlasin, OJK ▪ Ms. Tran Thi Thu Ha, Vietnam Women’s Union
(VWU)
The moderator asked the panelists about their countries’ policies, successes and challenges regarding financial
literacy. Private sector representatives were also asked about their products and activities related to financial
literacy.
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Table 11: Responses from the regulators
Panelists Main points from the responses
FRC, Mongolia
Customer protection is the main function of the FRC, and improvement of public financial literacy is the most essential part of the framework for consumer right protection activities. In this regard, FRC is planning to organise forums and open discussions about the financial market with the purpose of enhancing public financial literacy. The FRC, Bank of Mongolia, Ministry of Finance and the Ministry of Education, Culture and Science jointly approved the “National Financial Literacy Programme” in September 2015. The following have been identified as the key priority areas for the financial literacy programme:
➢ Financial literacy programme for school children ➢ Financial education for younger people ➢ Financial education for rural residents ➢ Financial education through mass communication/media
The gaps in knowledge and expertise amongst professionals working in the insurance sector
means information delivered to the public has been varied and inadequate. This has led to
public misunderstanding on the nature of insurance services and products, and ultimately to a
weakening of confidence in the marketplace. To address this gap, the FRC is developing
consolidated training regulations in order to prepare qualified professionals as well as retrain
current employees at insurance companies, as well as other professional participants. It is to
include continuous training modules.
ISA, Vietnam
ISA and ADB organised two training courses on micro-insurance last year. The training provided Key Performance Indicators in MI and supervision of MI for participants from MOF (ISA, legal departments), NFSC, SBV, insurance companies and CFRC, TYM and Vietnam Women Union. Challenges for FinLit:
➢ The government does not have the budget for increasing awareness of stakeholders. ➢ There is no strategy in place for MI development. ➢ There is no legal framework for MI operations ➢ Lack of experts on MI and IT systems for MI providers ➢ MOF is in the process of developing a legal framework for MI operations
IC, the Philippines
In 2011, the Philippines adopted and implemented a roadmap towards financial literacy for
MI. It conducted an advocacy campaign called “Training for MI Advocates” (TOMA). It is a 3-
day training course and each class would be made up of 40-50 individuals, who would
eventually be called “MI Advocates” once they finish the course. The Philippines conducts
literacy and advocacy campaigns, but has a deeper preference for MI advocacy because it
creates awareness and, to a greater extent, leads to engagement. It is not just about teaching
people to buy insurance, it is also about helping them believe in the value of the product
enough for them to convey its value to their families, friends and communities. Insurance is
not an easy subject. The module used in the Philippine advocacy campaigns therefore
discusses the technicalities in insurance so that when clients ask questions to the advocates,
accurate and reliable answers are provided. The key stakeholders in the campaign are
legislators, regulators, national agencies, local government units (LGUs), insurance providers,
intermediaries, support institutions, donors and clients.
Advice: Make financial literacy a passion. Consider it not only a marketing strategy but also a
social responsibility within the community. Establish frameworks and roadmaps for financial
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literacy and consider the audience as potential advocates who will work hand-in-hand with
you in your journey towards financial inclusivity.
OJK, Indonesia
On 14 February 2017, OJK released new regulations on Fintech and Pawnshop. The financial literacy programme for those on low incomes is perhaps the most challenging part of promoting MI.
Three major factors we need to focus on for successful FinLit:
➢ Understanding the needs of those on low incomes and their way of thinking. FinLit should not only be suitable for their level of understanding, but should also be in line with their everyday life and thinking.
➢ Coordination amongst various stakeholders. Nobody can handle large scale FinLit without involving various segments of society that are important to those on low incomes.
➢ Consistent message with flexible approach. Perils and hazards might be different from place to place, time to time, and person to person. Flexibility is needed in carrying out FinLit. But the message itself should be consistent amongst various spokespeople - industry, agencies or government, and other reference groups like local, religious and community leaders.
Table 12: Private sector responses
Panelists Main points from the responses
ACA, Indonesia
ACA has the ‘SiPINTAR’ product - a combination of personal accident insurance and saving on
gold, with the network of pawn shops (Pegadaian) as the distribution channel. It is a joint
product between micro insurance (Personal Accident, called Asuransiku) and micro investment
(1 gram up to 25 grams of solid gold - Emasku). The pawn shop is responsible for financial
literacy to the public via marketing campaigns and education events, as well as financial
inclusion by providing Emasku + Asuransiku for those willing to have SiPINTAR. OJK’s regulation
regarding money lending services based on information technology is to manage the peer-to-
peer lending business - whereby the start-up company will act as a marketplace between the
investor and customer who needs support from the former in managing and expanding his/her
business. Since the pawning business has not been regulated, OJK initiated the setting up of
the new regulation to provide an opportunity to the private sector to run pawning businesses
under certain rules. This will also prevent distrust should there be any dispute between the
customer and the company. For sustainable FinLit: The regulator and the industry can make
financial literacy a yearly activity and part of the CSR programme. The regulator can work with
a G2G international organisation and provide funds for this activity. The regulator publishes
this Finlit activity for public knowledge and specifies the names of the insurance companies
they would like,or are willing, to join.
UBCI, Mongolia
UBCI is amongst he few early responders in Mongolia that have inclusive insurance products (such as Child Accident Insurance). In order to cover all kinds of accidents with children in low-income families, UBCI has developed the Child Accidental Insurance product which insures an amount of USD 250 with an annual premium of USD 6. The product is usually sold through agents visiting households door-to-door. The company uses various kinds of media for raising awareness - such as the website, TV, and brochures. The company is to focus more on embracing technology. In recent years, FRC has concentrated more on inclusive insurance development. UBCI believes that FRC will improve the regulatory environment and financial literacy in Mongolia.
VWU, Vietnam
Vietnam Women’s Union is one of the organisations authorised by the MoF under its pilot
regulations programme to engage in MI. It offers loan insurance to borrowers of TYM, an MFI
30
owned by the Union. Measures to ensure that the partner distribution channel and the clients
are sufficiently aware of their benefits and responsibilities:
➢ Training and instructing TYM workers about policies and procedures for deploying MI products
➢ Organising information dissemination of MI products to 100% of TYM's clients in various forms
➢ Offering training on the financial education for clients ➢ Monitoring, supervising and providing technical support to TYM during the
implementation process ➢ Designing timely and reasonable reward policies for TYM workers
Regulatory support necessary to facilitate sustainable development of MI market in Vietnam:
➢ An official regulatory framework and guidelines for MI activities ➢ Governmental programmes and policies to enhance the capacity of micro insurers ➢ Since micro insurance is not-for-profit, tax exemptions or tax deductions from
government to support MI companies are necessary ➢ MI is quite new in the industry and still underdeveloped, and so coordination between
government departments and organisations in propagating to target customers is required
CISP, the Philippines
Information, training and education are essential components of the risk protection and
mitigation programmes and services of CISP. Regular capacity and capability trainings are
conducted by CISP and partner organisations for member cooperatives that enhance
operational efficiency and management. Conducting of “owners’ forums” amongst CISP
shareholders in major cities of the country where CISP operates to generate feedback and
provide updates. Attendance at pre-membership seminars (PMES) is required prior to
acceptance. One of the topics being discussed is the benefit of membership that includes
insurance coverage for members. Attendance at “ownership meetings” held by the
cooperative is a requirement to become a “member in good standing” (MIGS) - that includes
updates of and feedback on the programmes and services of the cooperative. Publication of
newsletters that include new and/or revised policies, guidelines, procedures and other
important issuances regarding the insurance coverage of members. Key success factors in the
Philippines (regulator and industry) of MI advocacy:
➢ The key success factor in the Philippines MI advocacy is close coordination amongst
stakeholders in the insurance industry in disseminating policy documents as outputs
of various Technical Working Groups (TWGs).
➢ Insurance industry players look at opportunities rather than threats/risks in providing
MI amongst the low income sectors - which enable them to expand their reach.
➢ Regulators allow industry players to optimise the playing field and provide policy
support in the provision of MI.
Advice:
➢ Inclusion of FinLit in the school curriculum from primary to tertiary education ➢ Financial institutions such as banks and insurance organisations to allocate funds to
promote financial literacy and/or support advocacy groups ➢ Cooperatives, people organisations, NGOs, civic organisations to include in their
programmes and services the promotion of financial literacy ➢ Government and private agencies to have their own FinLit programme amongst their
employees
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Last question for all the panelists by the moderator: What is the homework for you after this event and how is this linked to lessons learned?
Mr.Tran Duc Trung, ISA, Vietnam We have learned a lot. We will try our best to implement effective regulation as soon as possible.
Mr.Mochamad Muchlasin, OJK, Indonesia We will embrace technology. We will also consider index insurance and cooperate with other financial institutions.
Mr.Ulziibat Molomjamts, FRC, Mongolia We will implement actions linked to the national strategy. Some countries allow bancassurance and others do not. We will consider developing a policy about it.
Ms.Wilma Conde , IC, the Philippines We will continue Finlit, involve technology and produce more regulations.
Ms.TranThi Thu Ha, Women’s union, Vietnam
MI is crucial. We have 70,000 members. We will sell MI to our members.
Mr.Jakub Nugraha, PT Asuransi Central Asia, Indonesia
Informal insurance is a challenge and we will deal with it.
Mr. Roy Miclat, CISP There are 2 MNOs in the Philippines and it is a challenge to cooperate with them. We need guidelines about MNOs.
Ms. Myagmarkhand Bat-Erdene, UBCI, Mongolia
We will use technology, such as develop our website and launch online insurance.
Conclusion on panel discussion 3: The following can be concluded from the discussion:
➢ We need to ensure the level of education for the public. ➢ FinLit should be suitable for the market and understood by clients. ➢ Person-to-person FinLit and selling MI are still key ➢ There is a conflicting view that MI is profit or non-profit in relation to product sustainability ➢ Technology is important
Dr. Antonis Malagardis thanked all the panelists and participants in the three sessions. He invited everyone to join in the following day in the MI Learning sessions on Health and Disaster Risk Financing.
5.5 MI Learning session: Health
Moderator: Aparna Dalal, Senior Research officer, ILO impact insurance
Panelists & Presenters:
➢ Mr. Roy Miclat, CEO, Cooperative Health Management Federation, the Philippines
➢ Ms. Susanne Ziegler, Advisor, GIZ India
➢ Mr. Manoj Pandey, Manager, Insurance and Social Security, Microsave Vietnam
5.5.1 Introduction of the topic by the moderator:
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Health is the most important risk that households face. In the findings of all market research, health has been a
predominant risk over time that is not covered. Many insurers want to provide health insurance but it is very
difficult to have a sustainable solution - especially if the goal is to provide individuals on a voluntary basis.
Universal health coverage is a policy objective of most governments. The question is whether the private sector
can play a role when national health insurance schemes are in place. There are two roles that the private sector
can play, and specific schemes presented by the panelists today try to achieve these.
People in the informal sector could not be covered by social health schemes, and this is a challenge the private
sector might address. There are two ways to solve this. The first way is to use the private sector on the
operational side; the second is the private sector providing supplementary cover. The health ecosystem
landscape of countries keeps changing. Health schemes need to include these changes. The panelists will discuss
these issues.
5.5.2 Presentation by Ms. Susanne Ziegler, Advisor, GIZ India
Ms. Susanne Ziegler talked about the RSBY programme of Indi, a health insurance scheme for Below the Poverty
Line families. Investment in India's health sector is very low. Public and private health care providers are poorly
regulated. To reduce out-of-pocket expenditure, the government introduced the RSBY social health insurance
scheme in 2008. RSBY is a national health scheme that structures public-private partnership. The private sector
is largely involved in the implementation of RSBY in cooperation with public and private insurance companies,
hospitals and civil society organisations. RSBY is implemented all over India and uses technologies such as smart
cards to verify identities. To date, a total of 41 million policies have been sold. One benefit of RSBY is that people
can also seek services in private hospitals. This has led to greater competition. The challenge is that it only covers
hospitalisation and awareness on the scheme. This year, 2017, India is implementing a new scheme which
addresses some challenges faced by RSBY. The Ministry of Health assumes main responsibility for drawing up
the guidelines. The state agencies are responsible for implementation. The insurers enrol beneficiaries, process
claims and raise awareness amongst potential beneficiaries. Hospitals treat patients and submit claims to
insurance companies. Social health care schemes use input-based finance, whilst RSBY uses output-based
finance. This means financing takes place after the services are provided and people have been treated. More
data has become available through RSBY.
Figure 10: Stakeholders involved in RSBY
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5.5.3 Presentation by Mr. Roy Miclat, CEO, Cooperative Health Management Federation, the Philippines
Mr. Roy Miclat talked about his organisation, the
Cooperative Health Management Federation (CHMF). It
is the first and only cooperative health management
organisation (HMO) in the Philippines focussing on the
low-income and informal sectors. It is regulated by the
Department of Health, Insurance Commission and
Cooperative Development Authority. Its product,
1CoopHealth, is a by-product of the organisation’s
research with cooperatives in the Philippines. It is a health package plus death
benefits. The Cooperative Insurance System of the Philippines (CISP) underwrites the
accident and death benefits portion of 1CoopHealth and provides both life and non-
life insurance to members as well as cooperatives.
One of the unique features of CHMF is the acceptance of members of cooperative hospitals as
members of the federation. An NGO and a private HMO have also been accepted as members
of CHMF. As a requirement, all members should be enrolled in the social health
insurance. Enrolment is facilitated by the member cooperatives. A cooperative can
advance the payment for enrolment of its members as an interest free loan, and can
carry out initial underwriting for them. CHMF has a cooperative insurance network
which serves as a distribution channel and at the same time performs underwriting for
its members for income. Moral hazard in the network was reduced with the presence
of doctors who are members of cooperative hospitals.
The 1CoopHealth model has these four benefits:
➢ Value-add for members in terms of access to a network of health facilities without the hassle of
reimbursement
➢ Contributes towards the stability of the cooperative through assumption of in-house and non-
actuarially sound schemes of health benefits to members
➢ Strengthens the viability of cooperative hospitals as they are the primary health care providers where
they operate
➢ Cooperatives assist individual members of cooperatives in their enrolment in social insurance scheme
through remittance and collection of premiums
Although cooperative members are now able to be enrolled in the social health insurance scheme, this is not
yet formalised at the national level. CHMF is considering cooperation with GIZ to facilitate the formalisation
process.
5.5.4 Presentation by Mr. Manoj Pandey, Manager, Insurance and Social Security, Microsave Vietnam
Mr. Manoj Pandey works for Microsave, a financial consulting company. It conducted the evaluation of the
community-based health insurance project implemented in India. The project aims to create a comprehensive
34
risk building approach for rural populations by offering a bundle of health, agriculture and livestock insurance,
and to fill the gaps of the RSBY programme of the government. He talked about the health aspect of this national
health scheme, which is the anchor product of the project. The project has been implemented for a couple of
years already and has reached 10,000 clients. Once members of households are enrolled in the health insurance
product, they are also automatically enrolled in the agriculture or livestock insurance product. The package was
designed in discussions with the community and identifying their risks. At a premium of USD 3.75 – 5.25, it
provides a hospitalisation benefit of up to USD 450 and reimbursement for testing and imaging fees up to USD
30. It also offers a maximum of USD 1.5 for transportation costs. Health advise from health care professionals
can be sought periodically by the insured.
The project links community members with public hospitals and medical experts. Project implementers
cooperate with NGOs and MFIs in the region. People, especially women, form a group and establish savings.
These community self-help groups (SHGs) are the bottom of the pyramid. Distribution and support agent
partners are NGOs that cooperate with SHGs. An MI officer coordinates the system.
The challenge is the high administrative cost. 70% of the administrative cost is imposed by managing the support
team. The only solution to reducing this cost is for the community to take more ownership by taking care of
collections of premiums and claims documents. The company has introduced the idea of a community insurance
champion who would be a strong local member of the community. Such a champion takes care of 2 to 5 SHGs
in the region. They work on a commission basis. This idea reduces the cost to some extent. Another idea is for
the community to take care of all administrative, communication and claim processing. But bringing these all
together is still a couple of years away.
Figure 11: How the Health-Agriculture/Livestock Insurance Package works
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Each community has its own claims committee made from the members of the community > Each community
has its own claims committee made up of members of the community
5.5.5 Panel discussion and audience questions:
Questions to the panelist Responses
Question 1 for Ms. Susanne
Ziegler: How does this bidding
process work in RSBY?
I am not familiar with the bidding process in RSBY. Some states have
extended the existing bidding process however. There was open bidding
last year. The bidding process is through public tender every year. There
are parameters developed for selecting the bidder but more often the
price is a big factor.
Question 2 for Mr. Roy Miclat:
The claim ratio is 17.9%, which is
very low. How do you
benchmark this? Why is the
number so low? What would you
do if the claim ratio exceeds your
ideal number?
We are also surprised by the low claim ratio. We conducted sensitivity
testing before launching the product. The most optimistic number is 25%,
industry level is 40-50% and 65% is the worst case scenario. When a
cooperative enrols its members, it takes three months before they are
able to take up a service. They are scared to go to doctors. We would be
glad to reach the industry level claims ratio. We are ready for when the
claim ratio increases.
Question 3 for Mr. Roy Miclat:
Please tell us briefly about
product development.
We conducted a study two years before the implementation. We first
solicited partnership with an HMO that services cooperatives. HMO
helped us to look into the profile of cooperatives - such as who they serve
and what their needs are. At the same time, we conducted focus group
discussions amongst cooperatives on the spending for health benefits of
members, and the frequency of members’ hospitalisation. We found out
that there is no need for a large amount of coverage, but initial support
for hospitalisation. In terms of pricing, health is big business in the
country. When you have the volume, you can reduce the cost. That is what
we are looking at.
Question 4 for Mr. Roy Miclat:
What is the mechanism of
providing insurance on top of
the national health scheme?
The social health scheme is mandatory. This scheme provides basic
accommodation and you can upgrade it if you are insured under the
1coophealth scheme. We only offer a basic plan on top of PhilHealth social
insurance.
Question 5 for Ms. Susanne
Ziegler: What is the difference
between RSBY and another
national programme called the
National Health Protection
Scheme?
RSBY is a central government programme implemented in states across
India. Insurance companies or trust funds manage the financial flows of
RSBY. Each state decides which of the two programs they choose. RSBY is
a central scheme but many states have their own schemes. Some schemes
are on top of RSBY. It is a challenge in India because there are many
duplicate schemes. It can be confusing for beneficiaries.
The moderator thanked the panelists for sharing different models, from community to national level, trying to
solve problems in providing healthcare, especially for the low-income and most remote of the population.
5.6 MI Learning session: Disaster Risk insurance Learning Sessions (MILS)
Moderator: Dirk Reinhard, Vice Chairman, Munich Re Foundation
Panelists & Presenters:
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• Mr. Geric Laude, President and CEO, CARD-Pioneer Microinsurance, the Philippines
• Mr. Vijayasekar Kalavakonda, Senior Financial Sector Specialist , World Bank Indonesia
• Mr. Masaaki Nagamura, General Manager, Tokio Marine Japan
5.6.1 Introduction of the topic by the moderator:
The session will mainly cover agriculture insurance and the discussion on SMEs is subsumed in the main topic.
Agriculture insurance in Asia is still very limited, but there is still so much room for it in Asia. According to the
Microinsurance Landscape Study conducted by Munich Re Foundation, and presented by the moderator in the
overview session of the PPD, private sector agriculture MI in Asia is prevalent in India, and property MI is very
limited (including some coverage in the Philippines, Thailand and Malaysia). Social MI (government scheme) is
more widespread.
Figure 12: MI coverage
MI also faces plenty of challenges - such as lack of data, complexity, insurance literacy and issues on volume and
regulation. The session will discuss these issues and try to answer the following questions:
• What are the main barriers to developing insurance against natural disasters/agriculture for the low
income market/SMEs?
• What are the benefits and barriers of different approaches, such as index based vs. indemnity based,
micro/meso/macro-level approaches, role of subsidies, etc.?
• On which topics/approaches should regulators, governments and donors focus?
• What is the specific role of the industry? What can MEFIN Network do?
• What can we expect from recent developments, such as the G7 decisions on insuring 400 million people
against climate risks and so the setup of “InsuResilience”?
5.6.2 Presentation by Mr. Vijayasekar Kalavakonda, Senior Financial Sector Specialist, World Bank
Indonesia
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Asia-Pacific is the world’s most disaster prone region. Insured losses are significantly low compared
to expected losses due to natural resources. Whilst agricultural insurance can bring large
benefits to vulnerable rural households, the market is still under-developed,
particularly in low-income countries. The main barriers and challenges in developing
agricultural insurance and insurance markets against natural disasters include a high
level of “informal”/”unorganised” sectors which pose challenges in targeting and
increased or high distribution/transaction cost. Income levels as well as “volatility” in
incomes are also challenges. Additionally, there is a demand – supply mismatch in
product features and needs of clients, such as Weather Index-Based Insurance vs.
Indemnity Based Product. There are also the usual problems of lack of awareness or
financial “illiteracy”, documentation and processes, and claims settlement and
rejection rates. Below is an S curve demonstrating the empirical relationship
between disposable income and insurance penetration.
Figure 13: S curve depicting relationship between disposable income and insurance penetration
3. Punkt in der Grafik: to take out insurance, is one solution > to take out insurance is
one solution
4. Punkt in der Grafik: programs > programmes
To address these barriers, there is a need to focus on public-private partnership solutions, offer
flexible products to address specific needs, come up with risk management solutions
(such as a risk sharing facility) and apply technology-based solutions. Mr
Kalavakonda also suggested ways for governments, donors and regulators to help in
developing the market for agriculture MI. He believes the way forward is to continue
the existing global initiatives, like insurance development Forum/G7 Initiative on
Climate insurance, recognition by many developing governments of the need for and
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role of insurance, particularly in dealing with risks in agriculture, and the use of
technology to customise e and commoditise insurance products.
5.6.3 Presentation by Mr. Geric Laude, President and CEO, CARD-Pioneer Microinsurance, the Philippines
Mr. Geric Laude is in charge of microinsurance operations at CARD –Pioneer. Being a fan of a famous Filipino
boxer, he refers to the disaster risk insurance experience of their company as some kind of boxing match, his
company in the blue corner and disaster in the red corner. The matrix below is a summary of how the match
has played out in the eight years the company has been operating:
Table 13: Highlights per year
Round Year Winner Highlights
Start 2008 Provided disaster insurance for residential properties; covers fire,
typhoon and earthquake; 1.6 m premiums
R1 2009 CARD Market is responding well; selected women members of the
community were trained as MI coordinators; they push the
products; premiums reached 3.1 m
R2 2010 Disaster Very high payout; clients were satisfied but inquired into why only
them and why not include their family; the Family Package was
introduced as a response.
R3 2011 CARD Family Package received well by clients
R4 2012 CARD More clients coming; payout manageable
R5 2013 Disaster Typhoon Yolanda (Haiyan) and earthquake in Bohol (middle
province in the Philippines) – two uppercuts that hit the company
R6 2014 Disaster Growing number of MI coordinators and professionalisation of
them; re-priced the insurance products by retiring the 250 premium
and came up with more variants; after Yolanda, those who copied
the company got out of the industry but CARD decided to fight and
continued on; improved processes though automation
R7 2015 CARD Designed a different version of the product, removing disaster but
the other covers are still there (e.g. fire) as some clients say they are
not in typhoon-prone regions. Premium reduced by ¾ as ¾ of the
products go to disaster.
R8 2016 CARD Still continuing tweaking of the products to cater to the needs of
clients.
See figure below showing premiums and claims per year.
Figure 14: CARD – Pioneer premiums and claims per year
39
Mr. Laude finished his presentation by sharing the lessons learned in the eight years his company has operated:
➢ Disaster insurance offers an opportunity to pay a lot of claims, and so to make people believe in the
value of MI.
➢ There is no need to pay for everything that will be lost. Clients just need a small amount to recover
from the impact of a disaster. An “assistance” cover rather than “indemnity” will do.
➢ The cost of insuring disasters is high. Bundle with other benefits to improve value proposition of the
product.
➢ For insurance operations, a good strategy is to launch non-calamity products to spread the financial risk
to the company’s P&L.
➢ Unlike Life, Accident, Health and other risks, disaster/calamity risks can be very costly to an insurance
operation given any one event. Good reinsurance is needed, and partial premium subsidy from
government may also help provide adequate coverage.
5.6.4 Presentation by Mr Masaaki Nagamura, General Manager, Tokio Marine Japan
Mr Nagamura works as head of CSR of Toki Marine and is also involved in a number of international initiatives,
such as lead of the disaster financing and insurance stream of APEC’s APFF. He shared the experience of Tokio
Marine in dealing with crop insurance in India. India is huge in terms of crop insurance. Agriculture is a key
industry sector in the country with 50% of the population dependent on it. It has a huge and extensive value
chain, and 20% of households involved are low-income earners. As an industry, it is also extremely challenged
as it mostly depends on rainfall, and so is very vulnerable to droughts and excessive rain. As a response, India
has in place several nationwide insurance schemes.
Tokio Marine has partnered with the largest fertiliser producer in India. IFFCO, with over 39,000 member coops
nationwide, is very much instrumental in knowledge sharing on insurance and its benefits to members. In
partnership with IFFCO, Tokio Marine launched index-based weather insurance products to cover summer and
winter crops against the risks they are exposed to (deficient and excessive rainfall, humidity, unseasonal rainfall).
40
Key challenges in providing crop insurance include how to spread further to improve geographical diversification,
and how to improve data collection. Key opportunities are the premium subsidy offered by the government and
making the most of the transparent claim settlement process which is monitored in real-time by automated
weather stations.
Based on the years of experience in crop insurance and other relevant products, the key takeaways shared by
Mr Nagamura are:
➢ Governmental support is critical in initiating a widespread micro-insurance scheme.
➢ Technical expertise of insurance companies is essential in designing sustainable products.
➢ Making the most of existing networks is one of the key ingredients in providing effective insurance
protection for rural agricultural communities.
➢ With an effective public-private partnership, constant effort is needed to enhance data availability to
minimise basis risk.
5.6.5 Panel discussion and audience questions:
Questions to the panelist Responses
To Mr. Laude: How did you
manage to convince
management to stay and not
run away after the bad years?
By taking out the disaster
component in the new product,
does it not make disaster
expensive?
As an indemnity product, how
do you carry out loss
assessment and not incur a high
cost for doing so?
• CARD –Pioneer belongs to a bigger insurance company that has
umbrella cover for a wide variety of insurance products; MI products
are a small portion of the total coverage.
• Introducing the new product was an indication that people
understand that some risks are higher and more expensive; the
redesign of the product increased sales.
• After a disaster, the MI Coordinators (who are also employees at
CARD’s micro finance partners) go out to check the damage suffered
by their members. Since they go out anyway to assess damage, CARD
trained them to assess claims as well.
To Mr. Masaaki: Crop insurance
in India is an index-based
product. To what extent is the
index base a problem in the
experience of Tokio Marine?
Insurance centres across India inform and explain to each farmer and HH
the kind of products they are sourcing. They play a key role in making
people understand the nature of their crop insurance products. So far,
there have not been many complaints about excessive payment or non-
payment of claims. This is proof f that the insurance centres are very
effective.
To Mr. Kalavakonda: How can
you ask low-income clients to
pay higher premiums without
getting government subsidies?
• There are two stories here. One, developing an insurance market
targeting the low income sectors for microinsurance. Based on the S
curve shown, you need to see a minimum amount of per capita GDP
to see an uptake in insurance over the normal course. Here,
development interventions try to jump start the development of
insurance markets.
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Questions to the panelist Responses
And looking at the US at the very
top which is a fully subsidised
market, does that say we need
to be subsidised to reach scale?
What is your view on this?
• In developed countries on the other hand, we see that agriculture is
highly subsidised in the US and Europe. This is because agriculture has
a political side to it. And political sides of things basically overshadow
everything else. Agriculture products, such as in the US, have a
political side to them.
To Mr. Laude: What
government support did you
receive? What are the three
main challenges in distributing
disaster insurance products?
• We did not receive support or subsidies from the government. The
nearest thing to government support is assistance from World Bank
IFC to help us develop our products - as we are not technically
competent to do so.
To all panelists: What are your
three key challenges?
Mr Laude:
• The first challenge is that disaster insurance is difficult to sell. It is only
when disasters happen that uptake increases.
• The second challenge is giving more client value, especially for
MSMEs. We tried the calculations but we cannot give the kind of
value to the clients at a price affordable to this target market. Here,
the Insurance Commission (IC), a government agency, may be able to
help by subsidising premiums.
• The third challenge is about how you articulate the value of the
product to people. It is about making the product affordable, not
necessarily cheap.
Mr. Nagamura:
• Public sector subsidy is important to widen the reach of the product
• For index-based products, it is very important to collaborate with
meteorological services
• Continuous efforts of public and private partnerships
To Mr. Kalavakonda: If
government representatives
want to do something about
insurance on returning to their
respective countries, what kind
of plan/actions can you
suggest?
Mr Kalavaconda shared the experience of Kenya, which started in 2014:
o Diagnostic to understand the impact of disasters in the agrarian
sector (crops, livestock), carried out by a multi-disciplinary team
a. Review and understanding of why existing private
sector-led or donor-led initiatives were not scaled up
b. If the issue is affordability, what could the role of the
government be in supporting the programme
c. Fiscal impact assessment – what is the cost to the
government, and take-up rate of the farmers? Can
government afford it?
d. Make a transition plan – what are the different
e. Concept paper on how to go about it
o Do a large pilot for 1 to 2 years
a. How to crown in the private sector
b. Enabling environment
c. Investment in infrastructure (data, etc.)
Other relevant considerations:
• Details depend on the status of the country
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Questions to the panelist Responses
• 8 to 12 months diagnostic with multi-disciplinary team
• Diagnostic started in 2013, pilot from late 2014 to early 2015,
claimants paid in 2017
• Agricultural insurance is a political animal. It will not fly without
political backing.
• In Kenya, political units are enrolling their farmers due to the
successful pilot.
To Mr. Laude: Can you give us
an idea of this assistance? How
did you come up with the
amount of the MI product? Do
you have a disaster prevention
component?
• It starts with the concept that MI products are designed to help
clients. We asked ourselves "What is the significant amount that can
help them get up after a disaster?". The amount is around 100 to 200
US dollars, based on experience that people line up in hardware stores
to buy construction materials.
• Client education is very important and that MI comes with livelihood
support and disaster risk financing.
To Mr. Masaaki: Is the product
on agriculture about effective
info technology or about
tweaking the product itself to
serve the market?
In India, we are dependent on the weather stations. Until now, there has
been a gap between reality and the virtual picture which is continuously
being worked.
To Geric Laude: Have you linked
this to the country’s disaster risk
insurance plans?
We are currently working on a pricing tool with IFC where claims are based
on the province (geomapping) where the exposures are. This may be
applied a few months from now.
To Mr. Masaaki: Do you
cooperate with the
government? Do you use public
or private weather stations?
Tokio Marine works with the Indian government. Weather stations are
mostly publicly owned.
To Mr. Kalavakonda: Why do
donor funds for poverty
reduction not include a
component to subsidise MI?
Donor funds are usually spent on soft items such as building of institutions,
building capacities of people, and social infrastructures like local clinics
and local schools. They do not usually include financial services or market
driven activities. The premise is that doing so (i.e. paying premiums from
international funds) has been seen as unsustainable, unless it is a
standalone insurance project which is seen from the fiscal standpoint.
To Mr. Masaaki and Mr.
Kalavakonda: What are your key
uptakes (strategic direction,
role models, commonalities) in
the area of agriculture?
• One strategy to pursue is to utilise existing networks to spread
coverage.
• Look at what not to do
o Purely politically-driven indemnity; trying to cover individual
farmers in the most disaster prone areas; using a state-
owned insurance company
o Use government-subsidised insurance product to subsidise
farmers
• Look at the models (India and Mexico)
o Crowd in private sector
o The private sector competes with public sector insurance -
which brings down products
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Questions to the panelist Responses
o Encourage new innovations such as private sector
meteorological services
To Mr. Kalavakonda: How can
we leverage what WB is doing
with the public sector and what
IFC is doing with the private
sector?
WB is pushing for working with the private sector, crowding in the private
sector and defining the role of the government.
The representative of Blue Orchard, part of InsuResilience, was asked by the moderator to share what they can
offer to stakeholders of inclusive insurance (as they also manage the climate insurance fund). Mr. Thibaud stated
they can offer the following:
o Provide risk capital to insurance and reinsurance companies and brokers
o $70m to $300m for developing countries to invest in equity
o Grant fund or technical assistance on agriculture insurance or MI (i.e. market study, training of staff,
premium subsidies for launching new products)
o Partnership with reinsurance partners
The moderator thanked the panelists and attendees, and invited everyone
to the other room to wrap up the PPD sessions and the parallel MILS sessions.
6 Wrap up and closing:
Dr. Antonis Malagardis summarised the first panel session on Regulation & Supervision. He pointed out the
following issues from the discussion:
➢ Insurance is not an easy market and there are various development levels in our member countries. Countries first need to take basic steps toward development and then gradually move forward.
➢ Seeking support from international organisations, especially on guiding the customer, was mentioned several times in the discussion. Insurers and regulators do not often understand the demands of the market. International organisations can assist therefore.
➢ Licensing is important. Regulators are not fully prepared for this. ➢ In the discussion, we separated bundling from embedding. Private health insurance can complement
public schemes. Health products should be bundled or embedded in MI products.
Mr. Christian Loots also summarised the panel discussion on Technology & Distribution, which he moderated
in the following way:
44
➢ There are various levels of development across countries in terms of their regulatory framework being conducive for MI distribution.
➢ The key issues in distribution channels: o Access and cost which relate to scale and sustainability which are really needed for MI o A need for conducive regulation for distribution of MI
➢ Possibilities to overcome the challenges: o Developing effective business models by partnering with distributors, MFIs and cooperatives. o MNOs represent one partnership solution that reaches scale quicker, and reduces costs and
risks. There are still issues in terms of regulating MNOs.
Mr. Jimmy Loro summarised the panel session on financial literacy as follows:
➢ There is a need to design financial literacy activities from the perspective of clients and to design suitable products that will be understood by our clients.
➢ There is still value to person-to-person financial literacy training and selling MI. Mobile insurance is becoming more important. Close cooperation with communities and linking our products with community needs are crucial.
➢ There is a need to define MI clearly. Some says it is profitable and some says it is designed for the poor.
Ms. Aparna Dalal concluded the MI learning session on Health in the following way:
➢ The session focused on trying to see how the private and public sectors can work together to deliver an overall mandate for providing health coverage. Formal workers are usually covered through tax payments and the poorest section of society is usually subsidised by government schemes. A missing population is made up of informal workers who have to enrol in these public schemes themselves.
➢ Three business models were discussed in the session. The first one was about using the private sector’s operational capacity as well as their underwriting experience to improve access for this missing middle - which is the RSBY programme in India.
➢ The second presentation was about the experience of the first cooperative health maintenance organisation in the Philippines. This provides services that will supplement the cover the national health programme provides.
➢ The third one was about a community-based health scheme. It discussed the roles of the scheme and how it changed the landscape.
Mr. Dirk Reinhard summarised the MI learning session on Disaster Risk Insurance:
➢ The discussion started with public-private partnership and how it can be designed to develop disaster insurance and agriculture insurance for the low-income sector.
➢ There was an agreement that governments need to work with the insurance industry. Involving the private sector reduces cost and improves services because of increased competition.
➢ Depending on the nature of the markets, subsidies can be an issue to consider and they may be necessary for some situations.
➢ Problems we identified should be addressed through different levels. Different ministries and different stakeholders should consider the issues and develop a product together.
➢ Countries need to have a very good work plan which starts with a diagnostic study examining the existing situations, evidence, measures taken, interventions, costs and implications of a disaster. Countries then need to develop a large scale pilot programme and work step by step.
➢ When designing other programs, such as SME and livelihood programmes, we need to include disaster prevention because this is an important component.
Dr. Antonis Malagardis thanked all the attendees and invited them to the MI development roadmap session. He
also encouraged all of them to implement what they took away from this event, and wished them every success.
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Inclusive Insurance Asia Public Private Dialogue and Learning Sessions
March 14-16, 2017 / Sheraton Hotel, Hanoi, Vietnam
MEFIN PPD and MiLS AGENDA
March 14 Day 1 – MEFIN Organizational Meeting (exclusive to members and organizers only)
9.00 – 12.00 Parallel meetings: MEFIN Technical Working Groups (TWGs)
Plenary: presentation of TWG work plans for 2017
12.00 – 13.30 Lunch
13.30 – 16.00 MEFIN Regional Steering Committee meeting
16:00 - Educational tour and group dinner
March 15 Day 2 – Public Private Dialogue 2 (PPD)
9.00 – 10.30 Welcome Remarks
• Phung Ngoc Khanh, General Director, Insurance Supervisory Authority, Vietnam
• Antonis Malagardis, Program Director, GIZ RFPI Asia
• Dirk Reinhard, Vice-Chairman, Munich Re Foundation
• Mr. Christiaan Loots, CENFRI (on behalf of Microinsurance Network (MiN)
Overview of Inclusive Insurance in Asia
• Highlights of the Landscape of Asia Study
o Dirk Reinhard, Munich Re Foundation
• Results of the Mobile Network Operators (MNOs) and Sri Lanka Study
o Mr. Christiaan Loots, CENFRI
• Lessons from Proportionate Regulatory Frameworks Publication (10 years of
microinsurance regulation)
o Antonis Malagardis, GIZ RFPI Asia
• Synthesis of the MEFIN Inclusive Insurance Self-assessment (SA)
o Dante Portula, Senior Advisor, GIZ RFPI Asia
10.30 – 11.00 Coffee break
11.00 – 12.30 PPD panel session1: Regulation and Supervision
Keynote speakers:
• Regulations on MI Distribution Channels and Consumer Protection
47
MEFIN PPD and MiLS AGENDA
Mr. Ferdinand George Florendo, Deputy Commissioner, Insurance Commission (IC)
Philippines
• Pilot Approach in MI Regulations Ms. Nguyen Thi Hoai Thu, Insurance Supervisory Authority (ISA) Vietnam
Regulator-panelists:
• Mr. Ferdinand George Florendo, Deputy Commissioner , IC Philippines
• Ms. Nguyen Thi Hoai Thu, ISA Vietnam
• Mr. Tariq Bakhtawar, Director, Securities and Exchange Commission of Pakistan (SECP)
• Mr. Chiranjibi Chapagain, Chairman, Beema Samiti, Nepal Industry-panelists:
• Mr. Geric Laude, President & CEO, Pioneer-CARD Microinsurance, Philippines
• Mr. Nguyen Chien Thang, Deputy Director, Personal Insurance Div., Bao Viet, Vietnam
• Mr. Muhammad Ali Ahmed, Executive Director, EFULife, Pakistan
• Mr. Dip Prakash Panday, CEO, Shikhar Insurance, Nepal
Moderator: Antonis Malagardis, Program Director, GIZ RFPI Asia
12.30 – 14.00 Lunch
14.00 – 15.30 PPD panel session2: Distribution and Technology
Keynote speakers:
• Partnership with Indosat MNO
Mr. Yoga Prasetyo, Head of Credit Life and Emerging Consumers, Allianz Life
Indonesia
• Partnership with Telenor MNO
Mr. Muhammad Ali Ahmed, Executive Director, EFULife Pakistan
Regulator-panelists:
• Mr. Tariq Bakhtawar, Director, Securities and Exchange Commission of Pakistan
(SECP)
• Mr. Bhoj Raj Sharma, Insurance Expert, Beema Samiti, Nepal
• Mr. Mochamad Muchlasin, Director, Financial Services Authority (OJK), Indonesia
• Mr. Ulziibat Molomjamts, Director of Insurance Market Department, Financial
Regulatory Commission (FRC), Mongolia
Industry-panelists:
• Mr. Muhammad Ali Ahmed, Executive Director, EFULife Pakistan
• Mr. Vivek Jha, CEO, NepalLife Insurance
• Mr. Yoga Prasetyo, Head of Credit Life and Emerging Consumers, Allianz Life
Indonesia
• Mr. Purevjav Erdenebaatar, CEO, Monre Insurance Company
• Ms. Tran Thị Ngọc Ha, Head of International Relations Department, TYM Vietnam
Moderator: Mr. Christiaan Loots, CENFRI (on hehalf of MiN)
15.30 – 16.00 Coffee break
48
MEFIN PPD and MiLS AGENDA
16.00 – 17.30 PPD panel session3: Financial Literacy/Education
Keynote speaker
Success Factors of National Microinsurance Literacy measures
Mr. Mochamad Muchlasin, Director, Financial Services Authority (OJK), Indonesia
Regulator-panelists:
• Mr. Mochamad Muchlasin, OJK, Indonesia
• Dr. Davaasuren Sodnomdarjaa, Chairman, Financial Regulatory Commission
(FRC), Mongolia
• Ms. Wilma Conde, Senior Insurance Specialist, Microinsurance Division, IC,
Philippines
• Mr. Tran Duc Trung, Deputy Head of Market Development Division, ISA, Vietnam
Industry-panelists:
• Mr. Jakub Nugraha, Head Microinsurance Department, PT Asuransi Central Asia,
Indonesia
• Ms. Myagmarkhand Bat-Erdene, Manager, Ulaanbaatar City Insurance, Mongolia
• Mr. Roy Miclat, President, Cooperative Insurance System of the Philippines (CISP)
• Ms. Tran Thi Thu Ha, Vietnam Women’s Union (VWU)
Moderator: Jimmy Loro, Senior Advisor, GIZ RFPI Asia
March 16 Day 3, Morning – Microinsurance Learning Sessions (MiLS)
9.00 – 10.30 Parallel session1: Disaster Risk Insurance for SMEs and Agriculture
• Mr. Geric Laude, President and CEO, CARD-Pioneer Microinsurance Philippines
• Mr. Vijayasekar Kalavakonda, Senior Financial Sector Specialist , World Bank
Indonesia
• Mr. Masaaki Nagamura, General Manager, Tokio Marine Japan
Moderator: Dirk Reinhard, Vice Chairman, Munich Re Foundation
9.00 – 10.30 Parallel session2: Health
• Mr. Roy Miclat, CEO, Cooperative Health Management Federation, Philippines
• Ms. Susanne Ziegler, Advisor, GIZ India
• Mr. Manoj Pandey, Manager, Insurance and Social Security, MicroSave Vietnam
Moderator: Aparna Dalal, Senior Research Officer, ILO Impact Insurance
10.30 – 11.00 Coffee break
49
MEFIN PPD and MiLS AGENDA
11.00 – 12.30 Wrap up and next steps
12.30 – 14.00 Lunch
March 16 Day 3, Afternoon – Workshop on Microinsurance Development Roadmap for Asia-
Pacific Emerging Markets (co-organized by APEC and ABAC)
14:00 – 17:00 (details in a separate agenda)
52
Registration Sheet
MEFIN Organizational Meeting
14 March 2017
No. Name Sex Country Organization Designation
1 Christiaan Loots
Male South Africa
CENFRI Engagement Manager
2 Dirk Reinhard Male Germany Munich Re Foundation
Vice Chairman
3 Mochamad Muchlasin
Male Indonesia OJK Director(Directorate of Sharia NBFI)
4 Yoga Prasetyo Male Indonesia PT Asuransi Allianz Life Indonesia
Head of Credit
Life and
Emerging
Consumers,
Allianz Life
Indonesia
5 Jakub Nugraha Male Indonesia PT Asuransi Central Asia
Head
Microinsurance
Department, PT
Asuransi
Central Asia,
Indonesia
6 Davaasuren Sodnomdarjaa
Male Mongolia FRC Chairperson
7 Ulziibat Molomjamts
Male Mongolia FRC
Director of Insurance Market Department, FRC, Alternate RSC Member
8 Purevjav Erdenebaatar
Male Mongolia Monre Insurance LLC
CEO
9 Ganchimeg Batchuluun
Female Mongolia RFPI Asia Technical Project Staff
10 Enkhbold Munkhbat
Male Mongolia Ulaanbaatar City Insurance
Director
53
No. Name Sex Country Organization Designation
11 Adiya Munkbazar
Male Mongolia Ulaanbaatar city insurance
12 Bat-Erdene Myagmarkhand
Female Mongolia Ulaanbaatar city insurance
Manager
13 Chiranjibi Chapagain
Male Nepal Beema Samiti
Chairman
14 Sharma Bhojraj Male Nepal Beema Samiti
Director
15 Vivek Jha Male Nepal Nepal Life CEO
16 Dip Prakash Panday
Male Nepal Shikhar Insurance
CEO
17 Muhammad Ali Ahmed
Male Pakistan EFU Life Assurance Ltd
Executive Director/Chief Strategy Officer
18 Tariq Bakhtawar
Male Pakistan SECP Director Insurance
19 Roy Miclat Male Philippines CHMF CEO
20 Ferdinand George Florendo
Male Philippines IC Deputy Commissioner
21 Wilma Conde Female Philippines IC
IC Senior Insurance Specialist - MI Division
22 Geric Laude Male Philippines Pioneer Life Inc
VP
23 Melinda Grace Labao
Female Philippines Pioneer Life Inc
Manager
24 Antonis Malagardis
Male Philippines RFPI Asia Program Director
25 Dante Portula Male Philippines RFPI Asia Senior Advisor
26 Jimmy Loro Male Philippines RFPI Asia Senior Advisor
54
No. Name Sex Country Organization Designation
27 Raquel Capio Female Philippines RFPI Asia
Senior Advisor – Knowledge Management and Public Relations
28 Tran Duc Trung
Male Vietnam ISA
Deputy Head of Market Development Division
29 Bui Thanh Hai Male Vietnam ISA Deputy Head of Nonlife Supervision
30 Nguyen Thi Hoai Thu
Female Vietnam ISA Deputy Head of Life Supervision
31 Tran Thi Thu Ha
Male Vietnam Women’s Union
32 Tran Thị Ngọc Ha
Female Vietnam TYM
Head of International Relations Department
No. Name Sex Country Organization Designation
1 Christiaan Loots
Male South Africa
CENFRI Engagement
Manager
2 Dirk Reinhard Male Germany Munich Re Foundation
Vice Chairman
3 Mochamad Muchlasin
Male Indonesia OJK Director(Directorate of Sharia NBFI)
4 Yoga Prasetyo Male Indonesia PT Asuransi Allianz Life Indonesia
Head of Credit
Life and
Emerging
Consumers,
Allianz Life
Indonesia
55
No. Name Sex Country Organization Designation
5 Jakub Nugraha Male Indonesia PT Asuransi Central Asia
Head
Microinsurance
Department, PT
Asuransi
Central Asia,
Indonesia
6 Davaasuren Sodnomdarjaa
Male Mongolia FRC Chairperson
7 Ulziibat Molomjamts
Male Mongolia FRC
Director of Insurance Market Department, FRC, Alternate RSC Member
8 Purevjav Erdenebaatar
Male Mongolia Monre Insurance LLC
CEO
9 Ganchimeg Batchuluun
Female Mongolia RFPI Asia Technical Project Staff
10 Enkhbold Munkhbat
Male Mongolia Ulaanbaatar City Insurance
Director
11 Adiya Munkbazar
Male Mongolia Ulaanbaatar city insurance
12 Bat-Erdene Myagmarkhand
Female Mongolia Ulaanbaatar city insurance
Manager
13 Chiranjibi Chapagain
Male Nepal Beema Samiti
Chairman
14 Sharma Bhojraj Male Nepal Beema Samiti
Director
15 Vivek Jha Male Nepal Nepal Life CEO
16 Dip Prakash Panday
Male Nepal Shikhar Insurance
CEO
17 Muhammad Ali Ahmed
Male Pakistan EFU Life Assurance Ltd
Executive Director/Chief Strategy Officer
18 Tariq Bakhtawar
Male Pakistan SECP Director Insurance
19 Roy Miclat Male Philippines CHMF CEO
56
No. Name Sex Country Organization Designation
20 Ferdinand George Florendo
Male Philippines IC Deputy Commissioner
21 Wilma Conde Female Philippines IC
IC Senior Insurance Specialist - MI Division
22 Geric Laude Male Philippines Pioneer Life Inc
VP
23 Melinda Grace Labao
Female Philippines Pioneer Life Inc
Manager
24 Antonis Malagardis
Male Philippines RFPI Asia Program Director
25 Dante Portula Male Philippines RFPI Asia Senior Advisor
26 Jimmy Loro Male Philippines RFPI Asia Senior Advisor
27 Raquel Capio Female Philippines RFPI Asia
Senior Advisor – Knowledge Management and Public Relations
28 Tran Duc Trung
Male Vietnam ISA
Deputy Head of Market Development Division
29 Bui Thanh Hai Male Vietnam ISA Deputy Head of Nonlife Supervision
30 Nguyen Thi Hoai Thu
Female Vietnam ISA Deputy Head of Life Supervision
31 Tran Thi Thu Ha
Male Vietnam Women’s Union
32 Tran Thị Ngọc Ha
Female Vietnam TYM
Head of International Relations Department
57
Registration Sheet
Microinsurance Learning Session
16 March 2017, Morning
No Name Sex Country Organization Designation
1 Mr Thibaud Ponchon
Male Cambodia BlueOrchard Finance
Senior Investment Officer
2 Mr Ian Shynkarenko V.
Male Georgia AgroInsurance International
CEO
3 Dr Dirk Pauschert
Male Germany GIZ Director of Programs
4 Dirk Reinhard Male Germany Munich Re Foundation
Vice Chairman
5 Susanne Elisabeth Ziegler
Female India GIZ Advisor
6 Mochamad Muchlasin
Male Indonesia OJK Director(Directorate of Sharia NBFI)
7 Yoga Prasetyo Male Indonesia PT Asuransi Allianz Life Indonesia
Head of Credit Life
and Emerging
Consumers, Allianz
Life Indonesia
8 Jakub Nugraha Male Indonesia PT Asuransi Central Asia
Head
Microinsurane
Department, PT
Asuransi Central
Asia, Indonesia
9 Mr Indra Situmeang Catarya
Male Indonesia Sienco Consulting
Jakarta
10 Julius Caesar Parrenas
Male Japan Nomura Research Institute (NRI)
Senior Advisor
11 Adiya Munkbazar
Male Mongolia
Ulaanbaatar city insurance
12 Davaasuren Sodnomdarjaa
Male Mongolia FRC Chairman
58
No Name Sex Country Organization Designation
13 Ulziibat Molomjamts
Male Mongolia FRC
Director of Insurance Market Department, FRC, Alternate RSC Member
14 Purevjav Erdenebaatar
Male Mongolia Monre Insurance LLC
CEO
15 Ganchimeg Batchuluun
Female Mongolia RFPI Asia Technical Project Staff
16 Bat-Erdene Myagmarkhand
Female
Mongolia Ulaanbaatar city insurance
Manager
17 Enkhbold Munkhbat
Male Mongolia Ulaanbaatar City Insurance
Director
18 Mr Lkhagva-Ochir Gulguu
Male
Mongolia
Khaan Insurance
CEO
19 Chiranjibi Chapagain
Male Nepal Beema Samiti Chairman
20 Sharma Bhojraj Male Nepal Beema Samiti Director
21 Vivek Jha Male Nepal Nepal Life CEO
22 Dip Prakash Panday
Male Nepal Shikhar Insurance
CEO
23 Muhammad Ali Ahmed
Male Pakistan EFU Life Assurance Ltd
Executive Director/Chief Strategy Officer
24 Tariq Bakhtawar
Male Pakistan SECP Director Insurance
25 Elizabeth Gima Female Papua New Guinea
Bank of Papua New Guinea
Manager
26 Roy Miclat Male Philippines CISP President
27 Ferdinand George Florendo
Male Philippines IC Deputy Commissioner
28 Wilma Conde Female Philippines IC
IC Senior Insurance Specialist - MI Division
29 Geric Laude Male Philippines Pioneer Life Inc
VP
59
No Name Sex Country Organization Designation
30 Melinda Grace Labao
Female Philippines Pioneer Life Inc
Manager
31 Antonis Malagardis
Male Philippines RFPI Asia Program Director
32 Dante Portula Male Philippines RFPI Asia Senior Advisor
33 Jimmy Loro Male Philippines RFPI Asia Senior Advisor
34 Raquel Capio Female Philippines RFPI Asia
Senior Advisor – Knowledge Management and Public Relations
35 Eduardo Moron Male Peru APESEG President
36 Mr Ridwan Abbas
Male Singapore Asia Insurance Review
Deputy Editor
37 Christiaan Loots
Male South Africa
CENFRI Engagement Manager
38 Linh Pham Female Việt Nam
Vietnam National Reinsurance Corporation
Marketing Division
39 Ms. Vu Thi Minh Luan
Female Vietnam Academy of Policy and Development
Rector
40 Mr Thuan Thuan Bui Quy
Male Vietnam APD
41 Quang Huy Bui Male Vietnam Bà/Cô
42 Lien To Kiim Female Vietnam Center for Education and Development
43 Ms Chi Phan Quyn
Male Vietnam Center for Education and Development
staff
44 Mr Vu Kien Trung
Male Vietnam
Climate Change Resilient Centre
45 Minh dao Van Male Vietnam Disaster Management Center
staff
60
No Name Sex Country Organization Designation
46 Thi Doa Pham Female Vietnam Disaster Management Center
47 Thuy Nguyen Thi Thu
Female Vietnam Disaster Management Center
staff
48 Dr Tim McGrath
Male Vietnam GIZ Policy Team Leader
49 Ms. Bui Hoa Binh
Female Vietnam
GIZ-Integrated Coastal Management Programme ICMP
Senior Programme Officer
50 Mr. Binh Nguyen Thanh
Male Vietnam GIZ (ASEAN SAS PROJECT)
ASEAN SAS PROJECT
51 Bui Thanh Hai Male Vietnam ISA Deputy Head of Nonlife Supervision
52 Nguyen Thi Hoai Thu
Female Vietnam ISA Deputy Head of Life Supervision
53 Tran Duc Trung
Male Vietnam ISA
Deputy Head of Market Development Division
54 Manoj Pandey Male Vietnam MicroSave Manager - Insurance and Social Security
55 Le Thi Thuy Van
Male Vietnam Natonal Institute of Finance - MoF
Director of Financial Markets Division
56 Mrs Kim Anh Nguyen Dr.
Female Vietnam Nha Trang University
Coordinator
57 Ninh Nguyen Male Vietnam
Swiss Agency for Development and Cooperation
National Project Manager
58 Ms Nguyen My Anh
Female Vietnam
The Assistance for SME, Agency for Enterprise Development, Ministry of Planning & Investment
Manager of Consulting Dept
61
No Name Sex Country Organization Designation
59 Tran Thi Thu Ha
Male Vietnam Women’s Union
60 Yen Tran Female Vietnam Freelance Consultant
61 Ms Bui Hien Viet
Female Vietnam UNDP Programme Officer
62 Mr. Kees Swaans
Male Vietnam Oxfam in Vietnam
63 Ms. Hai Vu Minh
Female Vietnam Oxfam in Vietnam
Programme Manager for Building Resilience
64 Ms Hien Hoang Thi
Female Vietnam
Disaster Management Center (DMC) - MARD
Officers
65 Ms. Do Thuy Duong
Female Vietnam
Insurance Supervisory Agency - Ministry of Finance (MOF)
Senior Official
66 Mr. Tran Anh Dong
Male Vietnam
HDM Construction and Development New Materials Joint Stock Company
Director
67 Tran Thị Ngọc Ha
Female Vietnam TYM
Head of International Relations Department
68 Benazir Bugaring-Tudlong
Female Philippines RFPI Asia Admin Officer
69 Duc Tai Nguyen
Male Vietnam Ministry of construction
70 Thành Phạm Hồng
Male Vietnam
Disaster Management Center - Water Resource Directorate
expert
62
No Name Sex Country Organization Designation
71 Aparna Dalal ILO Impact Insurance
Senior Research Officer
72 Mr. Vijayasekar Kalavakonda
Male Indonesia World Bank Indonesia
Senior Financial Sector Specialist
73 Mr. Masaaki Nagamura
Male Japan Tokio Marine Japan
General Manager
74 Phung Ngoc Khanh
Vietnam Insurance Supervisory Authority
General Director
75 Minh Hong Tran
Female Vietnam Deputy Department
76 Nguyen Chien Thang
Male Vietnam BaoViet Deputy Director
77 Do Thi Hanh Quyen
Female Vietnam ISA Officer
78 Le Thi Mai Linh Female Vietnam ISA Officer
79 Carla Fe Lanoy-Liboon
Female Philippines Vietnam Women’s Union
MI Fund Expert
80 Nguyen Thanh Ha
Female Vietnam Vietnam Women’s Union
MI Fund Officer
81 Vu Thu Trang Female Vietnam ISA Officer
82 Phan The Dat Male Vietnam Cameraman